The freehold interest of Baycrest Thermal Lodge has been sold to an Auckland investor for $4,375,000 at a yield of 5.6% net.
The sale was brokered by Wayne Keene and Brent Hannah from the Bayleys Hotels, Tourism & Leisure team.
The property commands a premium location with views across Lake Taupo and beyond to Mount Ruapehu, New Zealand’s North Island Ski fields.
The property was first introduced to the market through Bayleys Hotel Tourism & Leisure portfolio and The Hotel Conversation earlier this year whereby the freehold going concern was being offered.
Heavy interest in the freehold investment led to the sale of the land and buildings only. Bayleys is now selling the business with a new 30-year term and 20-year right of renewal. This is a business showing genuine growth and excellent returns.
The property is in a unique location being one of very few hotels benefitting from the geothermal hot water which circulates throughout the hotel including plunge and in-ground swimming pool.
Baycrest Thermal Lodge – Investment sale details:
- Land area 1,892 sqm (two titles)
- 16 luxury rooms plus executive owner’s home
- 30-year lease plus 20-year ROR (final expiry 2072)
- Rent $245,000 plus GST
- Yield 5.6%
Click here to view the for sale listing on The Hotel Conversation.
For more information on the sale contact agents Wayne Keene Bayleys Auckland and Brent Hannah Bayleys Napier via the contact form below.