Regal returns in Carrot Capital
The oldest hotel, including land, buildings and business, in the Ruapehu District, is being offered for sale as summer attractions draw more visitors to the Central Plateau.
Built in 1913, Kings Ohakune occupies 3036sq m of freehold land at 3 Rimu St, 3km from the main arterial linking State Highways 1 and 4.
Bayleys salesperson Antony Greenfield says Kings Ohakune operates as a local hospitality hub, providing year-round accommodation, bar and restaurant facilities.
“Proximity to skifields at Whakapapa and Tu¯roa make Kings a logical venue for the busy ski season. However, visitation has really picked up during the warmer months as hiking, mountain biking and kayaking on the Mangawhero River rise in popularity.
“The region is ideal for adventure seekers, being a thriving year-round recreational destination. The chance to acquire a significant landholding, with its established business, provides investors with a fantastic opportunity to secure a slice of Central Plateau history.
“Kings offers add-value potential, particularly given substantial local investment and the impending completion of new leisure facilities,” he says.
Greenfield is marketing the property for sale as a freehold going concern with Bayleys colleagues Amie Rowan and John Bartley via tender, closing 2pm, Wednesday March 13, unless sold prior.
The buildings total 1490sq m with guest accommodation comprising 25 en suite rooms, two with disabled access. There are also 15 rooms on the first floor with a shared kitchen, laundry and leisure facilities.
Rowan says upstairs rooms are now used to accommodate Kings employees and mountain staff during the winter.
“Local mountain companies have previously contracted Kings to accommodate seasonal workers. While this may be an option for the new owner to explore, full utilisation of the premises to paying visitors would provide an income upside.
“Additionally, the restaurant seats 60 diners and the bar features the biggest dancefloor in Ohakune with provision to be split into two separate areas, accommodating up to 300 people comfortably for functions and events.
“It’s served as the backdrop for several weddings, with the potential to increase business scope as a full-service wedding and events venue providing guest accommodation, ceremony facilities and a fully catered reception. There is additional room for improvement and the chance to raise profitability with add-value works and renovation,” she says.
Bayleys Whanganui director John Bartley says the hotel is highly visible and close to Ohakune train station, a Northern Explorer rail line stop. “Festivals including Mardi Gras, Blues and Roots Festival and Carrot Carnival draw visitors throughout the year, in addition to adventure events and sporting activities.”
More than 100,000 people undertake the nearby Tongariro Alpine Crossing each year, with estimates of 40,000 riding the Old Coach Road rail trail and 500,000 visiting Mt Ruapehu.