The land and buildings originally belonging to well-known mountaineering and skiing family, the Cobergers, has been placed on the market for sale.
Located in Arthur’s Pass in the heart of the Southern Alps, the property is leased to The Wobbly Kea Café and Bar - one of the few businesses of its kind in the area - servicing locals and visitors to the region. Situated on West Coast Road, State Highway 73, the property is on the major road connecting Christchurch via the Southern Alps to the West Coast of the South Island.
The freehold land and buildings, which are currently leased, have been placed on the market for sale through Bayleys Canterbury for $760,000. It is being marketed by salespeople Kate Mullins and Peter Harris.
The original home of German immigrants Oscar and Dagmar Coberger, the couple raised their family and established a successful business from the premises, providing skiing lessons, mountain guiding, and importing climbing and skiing equipment.
One of the couple’s children, Antony, had three children of his own, all of whom have taken up the family sport and skied to a top level. Arguably the most well-known of them is his youngest daughter, Annelise. In 1992 she became the first athlete from the Southern Hemisphere to win a medal at the Winter Olymics, when she won silver in the slalom at Albertville in France. Her achievements grew the popularity of alpine skiing and put New Zealand on the map as a skiing destination.
The buildings are currently leased to a café and restaurant business for a five year term commencing in November 2003 with two five-year rights of renewal and a final expiry date of November 2018. Annual rent is $65,000 plus GST.
“This is an opportunity to invest in a passive investment returning more than 8 percent to a new owner. Given the Official Cash Rate this is an investment that offers a higher return than the banks, said Miss Mullins.
She said the Wobbly Kea Café and Bar offers customers great food and drink in a comfortable environment surrounded by the region’s natural beauty.