REAL ESTATE

127-137 Revell Street, Hokitika 127-137 Revell Street, Hokitika CREDIT: Bayleys

Liquidator issues clear instructions that Hokitika land is to be sold

Friday 26 November 2010, 9:24AM
By Bayleys
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HOKITIKA

Offers are being sought on a 4017sq m freehold beachfront site in Hokitika as liquidators seek to clear debts on the land and buildings. 

A visionary new owner is sought for the near-rectangular site in Revell Street which is made up of nine adjoining titles and is adjacent to the new Beachfront Hotel. 

Harry Van Tongeren of Bayleys Canterbury says the Commercial Core-zoned site is an opportunity waiting to happen for a developer with an eye to the future. 

“We understand that the now beleaguered owner had plans for a major new retail complex and that usage option certainly remains. Land opportunities like this seldom become available; we envisage that there will be someone out there in a position to take advantage of the conditions of sale and earmark this land for future development,” says Mr Van Tongeren. 

“Recent upgrading to the coastal areas opposite the site can only enhance its future appeal and once development fundamentals come back into line with time, this could be an extremely valuable piece of West Coast real estate for a forward-thinking new owner to optimise.” 

Existing buildings on the largely-vacant site include an older retail premises leased to Pots and More and an operational Laundromat. The former Beach Haus Café-Restaurant with top floor accommodation is currently vacant.  

Several older buildings between Beach Haus and Pots and More have been removed with the exception of a small cabin block and facility area – including a dump station, toilet and shower blocks - currently utilised by travelling campervans.  

“There is currently some residual rental income available to a new owner which they may find attractive while they consolidate future plans,” explains Mr Van Tongeren. 

“While the preference is to sell the site in its entirety, the liquidator would also consider selling portions of the land if there are prospective purchasers interested in parts of the whole. It certainly is quite a unique land and building parcel and represents a real opportunity for investors with confidence in Hokitika and its long-term future.” 
  

The land and buildings at 127-137 Revell Street, Hokitika, are for sale by Deadline Private Treaty with offers to be received by 9 December.