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Strategically-located waterfront accommodation business goes up for sale

Tags: Commercial Coromandel

One of only a handful of absolute waterfront commercial accommodation providers in the Coromandel township of Whitianga has been placed on the market for sale.

The Marlin Apartments complex on Buffalo Beach Road consists of five units and a two-bedroom owner/manager’s apartment. The business has one two-bedroom beach-fronting unit, one single-bedroom beach-fronting unit, two single-bedroom courtyard-facing ground-floor units, and a studio ground-floor courtyard-facing unit.

The 809 square metre freehold property is a short walk along the beachfront to Whitianga's range of restaurants, shops, marina and tourists attractions. 

All units within the complex are equipped with self-catering kitchen facilities - including a microwave, fridge and stovetop – as well as SKY TV and WiFi. Each unit has its own patio with wooden outdoor furniture. The complex has a communal laundry and guest BBQ available..

The Marlin Apartments land, 360 square metres of buildings, chattels, and the accommodation business are being marketed for sale at auction on October 29 through Bayleys Hamilton.

Salesperson Josh Smith said the business was usually booked solidly throughout the Christmas/New Year holiday period, with strong reservation numbers throughout the remainder of summer running into Easter. The future revenue stream would be passed on to any new owner.

Mr Smith said Whitianga’s tourism calendar was divided into two separate economic trading periods. The busiest trading period was the summer and summer-shoulder months from November to April. The quieter part of the year was over the autumn/winter/early spring months.

Whitianga markets itself as a central regional hub – where tourists can base themselves for visiting the Coromandel’s high-profile beaches, including Hot Water Beach, Cathedral Cove, Opito Bay and New Chums.

“Over recent years, tourism and hospitality operators in Whitianga have taken a much broader and ‘collegial’ approach to their marketing activities. This has seen the development of an events calendar to bring in visitor numbers during periods which would otherwise be ‘quieter’,” Mr Smith said.

“Foremost among these events has of course been the scallop festival, followed closely by the air show, motor racing events, the K-2 cycle challenge, any numerous fishing contests. These destination-based attractions benefit all sectors of the Whitianga economy, including Marlin Apartments.

“It’s about utilising Coromandel’s beach attractions as a foundation for tourism, then bolting on other reasons to visit the town. The target market for all tourism promotion activities is primarily Aucklanders, followed by the Greater Waikato population.”

Thames Coromandel District Council has allocated $3.1 million in its 2015-2025 Long Term Plan for the upgrading of Whitianga town centre. The council has expressed a strong desire to have the majority of work completed by 2019 to tie in with the 250 year commemorations of Captain Cook landing at Mercury Bay.

Mr Smith said the quality of the Marlin Apartments offering, and their handy CBD-fringe location overlooking Buffalo Beach, had ensured consistently strong occupancy levels since they were built in 1975. The non-smoking units underwent a substantial refurbishment in July this year - with renovation work encompassing a complete external repaint, major internal redecorating, and grounds landscaping.

“A number of competing commercial accommodation properties in Whitianga have chosen to take profits out of their businesses over the past decade. In contrast, Marlin Apartments’ owners have re-invested a considerable portion of profits back into the operation through a regular maintenance schedule,” Mr Smith said.

For further information on the sale of Marlin Apartments, or images of the property, contact Josh Smith at Bayleys. Telephone 07 834 3232.

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