The location: Warkworth is the gateway to the Matakana Coast Wine Country which is interspersed with art studios, charming country cafés, wineries and stunning beaches. Within an easy drive from the property is Tawharanui and Mahurangi Regional Parks, Matakana, Goat Island marine reserve, Leigh, Pakiri and the ferry to Kawau Island.
Significant residential and employment growth is expected over the next 30 years, with some forecasts suggesting a 65 per cent increase in Warkworth's population between 2017 and 2043.
The property: • The motel is situated on a prominent corner location of State Highway 1 and Whitaker Road • Three street frontages • Land area 3,819m² • Building area 1,770m² • 26 well maintained motel units with conference facilities
Tenant covenant: • 27 year lease term with expiry in November 2044 • Returning $170,000 + GST net rental p.a. • Two year rent reviews to Market • Next review September 2020 • Tenant pays all operating expenses and outgoings • Comprehensive maintenance plan in the Lease. Tenant pays for: 1. Exterior repaint every nine years. Last done 2017 2. Tenant to redecorate six units per year (tenant currently ahead of obligation) 3. Tenant pays 6% of rent into a maintenance fund under control of landlord for unforeseen items. • Excellent tenant in place with personal guarantee • Current owner is a Family Trust of 20 years • Have experienced nil rent defaults in the last 20 years
Price: •$3,400,000.00 + GST (if any) equating to a 5% yield on net income of $170,000.00 p.a.
A detailed Information Memorandum and Registered Valuation Report is available on request.
For more information please contact Andrew Clark or Graeme McHoull.