Investors ready to bowl in for entertainment site
The land and buildings housing the Galleon Family Complex—one of Otago’s best-known family entertainment and hospitality hubs have been placed on the market for sale.
Positioned just south of Oamaru’s northern town boundary at 500 Thames Highway, the complex is a popular attraction for residents and passing motorists on State Highway 1 between Otago and Canterbury.
It features a family restaurant, bar and function room, plus entertainment options including an eight-lane tenpin bowling alley, a combat laser tag arena, gaming room and children’s arcade games area.
The property is fully leased to Morris Investments Limited, operators of the Galleon Family Complex, which has occupied the premises since 2013.
The tenancy generates net rental income of $176,094 plus outgoings and GST per annum on a current lease which runs through to 2025, with two further six-year rights of renewal extending out to 2037. The lease includes annual rental increases pinned to the consumer price index, with a market review at renewal.
In addition to rental income for the premises, the hire of chattels offers a further $15,600 plus GST per annum.
The freehold land and buildings at 500 Thames Highway, Oamaru, are now being marketed for sale by deadline private treaty closing on 10 March, through Bayleys Dunedin.
Salespeople Muir Gold and Kurt Snook said the property for sale consisted of a building of approximately 1538 sqm on 4164 sqm of flat land incorporating 44 onsite car parks.
‘‘The site has long been a landmark at Oamaru’s northern gateway’’ said Gold.
‘‘The complex was purpose-built in the 1970s and then underwent a significant redevelopment in 2002.’’
Gold said that the original construction features a concrete foundation floor slab, roughcast exterior wall covering, a tile roof and metal and aluminium exterior window joinery.
In 2002, the main central entrance, a bar extension, gaming room and raised-floor bowling alley were constructed on a concrete floor slab, with concrete tilt-slab walls, aluminium joinery and a Colorsteel roof.’’
The property is zoned Residential 9A under Waitaki District Council’s district plan.
‘‘The council has granted subdivision resource consent to the existing owner to adjust the boundary and subdivide the current, larger landholding into two, leaving the Galleon Complex with the 4164 sqm of land for sale,’’ Gold said.
Snook said the site’s excellent street exposure, coupled with dual access points and ample off-street parking, supported easy access from Thames Highway, which doubles as State Highway 1.
‘‘This adds to the site’s strong appeal as a conveniently-located allin-one stop for locals, tourists and through-travellers seeking family fun, food and refreshments,’’ he said.
‘‘The property is also close to multiple visitor attractions and accommodation providers, including neighbouring motels, making its hospitality and entertainment offerings appealing to travellers.’’
According to Tourism Waitaki, domestic tourists account for around three-quarters of the district’s tourism economy, positioning Oamaru well to continue to flourish amid Covid-19 related restrictions on international travel
‘‘Oamaru is increasingly sought out by tourists for its penguin colony and the limestone architecture of its Victorian precinct, and as the end-point of the Alps to Ocean Cycle Trail from Aoraki/Mount Cook.’’