Barfoot & Thompson Commercial are pleased to exclusively present Ascotia Off Queen Hotel, 3 Scotia Place, Auckland Central for sale by deadline private treaty, closing 3:00pm Wednesday 17 July 2024 at Level 3, 50 Kitchener Street, Auckland Central (unless sold prior).
Ascotia Off Queen is a medium rise 3.0 - 3.5 star hotel offering 82 hotel rooms over nine levels plus ground floor reception, restaurant, two basement floors and 15 car parks. The hotel provides mid-range accommodation at very affordable rates, ensuring high occupancy levels are achieved.
The hotel is ideally situated just off Queen Street, a short walk to the Aotea Square entertainment precinct and the restaurants of Karangahape Road. The area is set to benefit from the completion of the City Rail Link with both the Aotea Station and Karangahape Station close by.
The property is managed by VR Group, a very experienced hotel operator with multiple hotels throughout Auckland. There is a new 10-year lease in place returning $1,260,000 per annum with biannual 3% fixed rental increases.
Ascotia Off Queen provides purchasers with an excellent opportunity to secure a well-performing hotel in the CBD under strong management, providing an outstanding long-term return (circa 7%) with built-in growth.
KEY FEATURES:
• 82 room hotel with high occupancy
• New 10-year lease returning $1,260,000 per annum - circa 7% return
• Managed by VR Group
• Freehold land 810m²
• 3,296m² GFA (approx.) over 11 levels, plus 15 car parks
• A+ IEP Report
• Ideal CBD location just off Queen Street