High yielding motel investment with long lease


280 Fenton Street, Glenholme

By Negotiation

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High yielding motel investment with long lease | 280 Fenton Street, Glenholme | 1692936 |      X Close
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High yielding motel investment with long lease


•Selling the buildings only of one of Rotorua's best motel accommodations

•30 year lease with 30 year right of renewal

•99 year ground lease to Rotorua Racing Club, expiring 2104 (83 years remaining)

•Tenant pays all outgoings, including land rent

One of Rotorua's best motel accommodation providers located on a main arterial route into or out of Rotorua.

This site consists of approximately 2,052sqm and is subject to a ground lease to the Rotorua Racing Club RRC.

The lease requires the tenant to pay 100% of all the outgoings, including the ground lease, fully maintain the property as required, refurbish all units and paint the exterior at fixed intervals, giving a true net return of $300,000 plus GST.

The current tenant will enjoy the use of the property for 30 years from 2005 and benefits from a further 30 year right of renewal through to 2065. Full personal guarantees are in place from a well established tenant.

The ground rent is for a period of 99 years from March 2005 and has 83 years remaining on the term.

Tuscany Villas is a standout property on Fenton Street and has always enjoyed a good level of income.

* The floor area as shown is taken from Property Guru for indicative purposes only and has not been verified by Bayleys or its agents, and is subject to purchaser's verification and satisfaction.

For further information, please contact the listing agents.

Wayne Keene

Auckland Central

Licensed under the REA Act 2008

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Millie Liang

Auckland Central

Licensed under the REA Act 2008

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Mark Slade

Rotorua

Licensed under the REA Act 2008

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280 Fenton Street, Glenholme

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Wayne Keene

Auckland Central

Licensed under the REA Act 2008

View profile

Millie Liang

Auckland Central

Licensed under the REA Act 2008

View profile

Mark Slade

Rotorua

Licensed under the REA Act 2008

View profile