Paihia Pacific Resort Hotel, Paihia, Bay of Islands

Property Name: Paihia Pacific Resort Hotel
Address: 27 Kings Road, Paihia
Property Type: Resort
Sale Type: Business
Price: $1,000,000
Region: Northland

Configuration

There is a large core block which houses the reception, administration offices, dining area, licensed bar and extensive conference facility. The resort style in-ground pool compliments this building with its unique indoor outdoor flow.

The balance of the complex consists of 35 units with the accommodation spread over 3 separate buildings and are described as follows.

The 100 Block Series - Consists of:

• 13 units incorporates 2 x studio type units
• 1 x separate bedroom unit
• 8 x standard units
• 2 x disabled units

The 200 Block Series – Consists of:
12 air-conditioned units (split level design) – these units command a premium tarrif

The 300 Block Series – Consists of:
10 units with decks of living areas

Owners Accommodation – Incorporated in the 300 Block

A luxurious, spacious, 3 bedroom apartment with good size lounge/ dining area and external access to a terrace at the frontage of the building. 2 large bedrooms with double built in wardrobes and one smaller bedroom. Quality bathroom with an excellent standard of finish. The apartment also enjoys air conditioning, sea views and commands wide views across the complex.

Features

Paihia Pacific Resort has recently undergone a significant amount of refurbishment which includes an exterior paint in modern colours and completion of the remaining interior. Chattels and soft furnishings have also been addressed and the result of this has shown in increased tariffs.

The main core block consists of a large reception and office facility, in and outdoor dining with licensed cocktail bar and extensive kitchen. An excellent conference facility capable of seating 70-80 people complete with lighting and sound system compliments the whole establishment.

Paihia Pacific Resort has been used on numerous occasions as the main venue during local festivals. Adjacent to this area is a picturesque courtyard which includes an in-ground pool, elevated spa and sauna.

The business has the exclusive rights to the franchise “Stonegrill” for the Bay of Islands and all areas north of this. This has been in place for over 5 years and the property benefits from this unique cooking experience as it draws in the local clientele and free independent travellers - it also retains guest who are staying in the hotel.

Most importantly, and the success of the Stonegrill longevity, is the fact that “No Chef required”.

This boutique resort hotel is conveniently located just 150 metres from the beach and only a short stroll to Paihia’s town centre.

The resort provides a restful atmosphere with its native and subtropical planting, its in-ground pool and poolside bar.

Settlement

Settlement is required no earlier than February.

Lease

• 30 year term expires 2033
• Standard Motel Lease
• Rental to market

Financials

The current lessees have operated the business for almost 2 years but due to family circumstances need to divest their interest.  They are confident that they are passing on a good business with excellent returns.

Detailed accounts are currently being formatted and will be made available to qualified interested purchasers and will require the signing of a confidentiality agreement (please see document in the downloads panel). 

The income derived is significant. Currently it is managed by two people, but there is scope to justify two couples who want to enjoy a lifestyle but still earn an exceptional income.

To see professional footage of of the complex, click on the following link: www.youtube.com/watch?v=G9bCqtVBYCg

Contact

For more information contact Wayne Keene on 021 666 991, wayne@resortbrokers.co.nz or Michael Osborne on 0272 426 881, michael@resortbrokers.co.nz

Downloads

Confidentiality Agreement New Paihia.pdf (144.82 KB)

Paihia Deed of Assignment.pdf (102.57 KB)

Paihia Lease Signed.pdf (1.18 MB)

Paihia Financials (05 - 07).pdf (167.19 KB)

Paihia P & L 2008.pdf (56.50 KB)

P&L March 09 and 4 months to July 31.pdf (89.77 KB)