A motor lodge with planning and approval to expand into a high quality retirement village is on the market for sale.
The 12,881 square metre section on the banks of the Waikato River, includes four main buildings comprising of accommodation blocks, a reception area, administration, laundry, self-contained three-bedroom managers apartment, and function centre.
The property known as Riverside Motor Lodge is for sale by tender through Bayleys and is being marketed by salesperson Mike Swanson, with tender closing March 25.
Mr Swanson said the vendors purchased the land, buildings and business in 2007 with the objective of redeveloping the site into a high quality retirement complex for assisted and independent living for people in their retirement.
“The plans, consents, costings, fittings, and engineering for the assisted living development have all been completed – allowing the new owner to literally start the project in the near future,” said Mr Swanson.
The property is currently running as a motor lodge, but has planning consents for transformation into an aged independent living facility.
“A change in the direction of shareholders has resulted in an opportunity for the new owner to either carry on with the re-development, continue running the property as a motor lodge, or take advantage of a multitude of future uses,” said Mr Swanson.
The motor lodge business consists of 34 units, including a mix of family units, one bedroom units and studios. There are 30 studio units. Some 11 of these have bath and shower facilities, while the other 19 have shower facilities only. These units house a maximum of three guests each.
There are three family units featuring a bedroom, lounge and kitchenette each – with limited cooking facilities, coffee and tea making facilities, and shower amenities. These house a maximum of five guests each.
There is one special access unit with wheelchair access. This has a non-slip shower base, tea and coffee making facilities, a fridge and television, and houses a maximum of three people.
The venue also has a function centre with a licensed restaurant, bar facility and service area able to cater for up to 200 guests.
“The venue is popular with major new corporate companies for meetings, training and social functions, as well as wedding and birthday celebrations” said Mr Swanson.
“The Riverside also accommodates sporting and school groups participating in pursuits such as golf and rowing, and the function centre is the ideal facility to cater to these groups’ meals and meetings. Booking for these activities can result in 100% occupancy for up to a week at a time.”
The property has a capital valuation of $3million, split into $900,000 land value and $2.1million improvements value. The property is located just 500 metres from Cambridge shopping precinct. Cambridge itself is close to the largest inland city in New Zealand – Hamilton.