Skip Ribbon Commands
Skip to main content

News Release

AUCKLAND HOTELS

Jones Lang LaSalle - Five star retreat near Auckland sold to private investors


 

 

Significant piece of industrial land for sale /new-zealand/en-gb/news/848/significant-piece-of-industrial-land-for-saleChristchurchSignificant piece of industrial land for sale
Historic West Coast Hotel for sale/new-zealand/en-gb/news/849/historic-west-coast-hotel-for-saleChristchurchHistoric West Coast Hotel for sale

Auckland, 18 February 2006 – On behalf of its owner, Jones Lang LaSalle Hotels is pleased to announce the sale of the majority interests and management rights for a quality resort, Quest Matakana, near Auckland.  Mr Dean Humphries, National Director, Jones Lang LaSalle Hotels New Zealand sold 12 of the 17 luxury self-contained villas in one line together with the management rights to a local New Zealand investor for an undisclosed sum. 

Located only 40 minutes north of Auckland’s CBD in a popular tourism region and only four kilometres from the Matakana township, the Property also features its own private jetty and boat ramp, tennis court, heated swimming pool, manager’s residence and conference facilities.

The property offered purchasers a wide range of ‘value add’ opportunities and the new owner plans to immediately re-brand and re-position the asset.  “The expressions of interest campaign generated a very good level of interest despite the tough economic conditions,” said Mr Humphries.  He added, “This confirms that correctly priced assets situated in sought after locations continue to be attractive to a variety of investors.” 

Part of the significant land offering has been planted with grapes and olives.  “Cultivating and processing of these are under the direction of Mahurangi Estate Vineyard and The Albany Olive Press respectively,” said Mr Humphries.

The Property offers excellent trading upside. “It  is ideally suited to an owner looking to own and operate an established five star retreat close to the large Auckland market,” said Mr Humphries. The retreat is ideal for corporate conferencing and weddings, and also has the ability to leverage from other facilities in the region such as the Ascension Vineyard located only five minutes away.

The sale of this property follows on from two other hotel sales completed by Jones Lang LaSalle Hotels during 2008.  “The Te Pania Hotel Napier was sold on behalf of the receivers of Bridgecorp to a local based joint venture consortium and the Novotel Palmerston North (now Travelodge Palmerston North) was sold on behalf of Hanover Property to an Australian-based fund,” said Mr Humphries.

“Despite significantly lower volumes of hotel transactions around the globe in 2008, New Zealand bucked the trend with over NZ$140 million in transactional activity,” said Mr Humphries.  He added, “We are seeing an increasing number of investors back in the market looking for quality assets that are priced correctly, particularly local investors and those emanating from South-East Asia. ”

“The New Zealand dollar is now at five year lows and interest rates are particularly appealing, especially for high yielding assets such as tourism property, ” said Mr Humphries.
 For further information please contact Dean Humphries on either +64 9 914 5875 +64 21 408 156.
 
Matakana