Gold nugget in Queenstown
A boutique luxury resort which broke new ground in Queenstown’s early days as a major tourist mecca will be returned to its former glory and expanded following deals brokered by Bayleys Real Estate.
Nestled in a secluded spot high above the Shotover River with stunning mountain views, Nugget Point Hotel is the closest hotel to the Coronet Peak ski area and just a sevenminute drive from central Queenstown.
Underpinned by a more than 8000sq m site at fast-growing Arthurs Point, it features 40 guest rooms, all with private balconies or patios, plus food and beverage areas, a Roman-style spa, conference rooms, fitness centre, squash courts and a private cinema.
The dining room and bar overlooking the river and Coronet Peak lays claim to being one of the finest in Queenstown.
Public spaces with antique-style furniture, pitched and beamed ceilings and stacked stone accents add to its opulent style.
“Constructed in the 1980s when Queenstown was far from the sophisticated international visitor destination we know today, this groundbreaking resort was ahead of its time,” says Bayleys investment sales director Paul Dixon. “It was one of the town’s first boutique luxury hotels and its secluded and picturesque setting gave it an almost unrivalled status as a destination resort.
“The property retains all the attributes required for a high-end provider of accommodation and resort facilities. When its previous owner put it up for sale this year, an opportunity arose for new owners to invest in restoring this resort to its former glory and to realise the site’s full potential for the future.”
Dixon, with national hotels, tourism and leisure sales director Wayne Keene and Queenstown salesperson Allister Simpson, was engaged to find a buyer for the hotel at 146 Arthurs Point Rd.
The team facilitated an off-market sale to Singapore/New Zealand buyer New Bay Group for around $20 million. For New Bay Group, Nugget Point was the latest addition to a portfolio that includes hotels in Auckland, Wellington and Tauranga. New Bay Group has committed to an extensive refurbishment which will restore the resort to 5-star plus standard.
In addition to the sale and purchase, New Bay Group engaged the Bayleys team to run a hotel management selection process.
Capstone Hotel Management, with many years’ experience in the sector and 14 hotels under management nationwide, was selected to operate the resort.
Keene says the property will undergo significant improvements over the next year.
“This revitalisation will build on existing attractions including the unique setting and alpine views. With its outstanding scenic backdrop with Shotover Jet boats coming in and out of the canyon below, Nugget Point has an air of seclusion and tranquillity that is virtually unmatched in today’s Queenstown market.
“Many of the rooms, and facilities such as the restaurant, bar and new outdoor hot tubs, are designed to take maximum advantage of the views. The comprehensive revitalisation and extension of facilities will bring back the resort’s glory days and bring the visitor experience alive for a new generation of guests.
“The scene is now set for Nugget Point Hotel to re-establish its place as a 5-star resort that’s on the radar of the most discerning guests from across New Zealand and overseas,” says Keene.