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The Village Resort

for sale by tender

Freehold Going Concern Central Plateau

ID: 1732

The Village Resort, Lake Taupo - The entire complex for sale

Property Name:
The Village Resort
Address:
82 Lake Terrace, Taupo
Property Type:
Resort
Sale Type:
Freehold Going Concern
Price:
for sale by tender 
Region:
Central Plateau
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Gordon McGregor

Gordon McGregor

Director, | Coromandel, Auckland CBD

M: +64 21 99 88 10

gordon[at]resortbrokers[dot]co[dot]nz

Reasons to buy

  • Directly opposite the Lake
  • 3 street frontages
  • Potential to expand into a full resort/hotel
  • Potential to sell off units individually and have management rights
  • Potential to sell off a lease and retain the freehold investment
  • Potential to run as a freehold going concern

Gordon McGregor

Director, | Coromandel, Auckland CBD

Contact Agent

Gordon McGregor

Mob: +64 21 99 88 10

Phone: +64 9 369 9700

Email: gordon[at]resortbrokers[dot]co[dot]nz

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The Village Resort was developed in the late 1980's and was sold off to individual owners who purchased either fixed or floating weeks - each with its own unit title - thus over 1,000 titles were issued for the complex.  The construction was undertaken by Fletcher Construction and the architects were Evans Smythe Architects.

Please note in all photos the boundary lines are approximate only.

The Village Resort has a prestigious address being 82 Lake Terrace but actually fronts three streets, namely Rifle Range Road, Tui Street and Lake Terrace itself.

Lake Terrace frontage has been a most prestigious address in Lake Taupo since the early days of the settlement but over time the traffic levels increased to the point where noise disturbance was a significant deterrent.  Since the bypass was put in the amount of traffic along Lake Terrace has dropped significantly, particularly the heavy vehicles that used to traverse this carriageway late at night and in the early hours of the morning.   Now owners of properties fronting Lake Terrace can once again enjoy the superb benefits of the lakefront (opposite side of the road) location.

The Village Resort location is considered advantageous given its close proximity to the retail, bars and restaurants in the town centre.  It is far enough away to not suffer from continual disturbance around the entrances to bars and restaurants and not too far to walk.   Guests can also walk to the retail outlets including the local supermarkets.  There is also convenience shopping just up Rifle Range Road. 

Being located along Lake Terrace the southernmost units get wide lake views down to the mountains in National Park.  Unit 12, which is set back also gets some lake views.  The guests have the convenience of just crossing the road, traversing the bank and swimming in the wonderful fresh water of Lake Taupo. 

Council Land: 

The main Council building on the Corner of Lake Terrace and Rifle Range Road has been demolished as it was thought to have contained asbestos and the costs of repairs/remediation was excessive.  The smaller single storey structures have been kept for Civil Defense and other uses as an interim measure. 

The Council are in the process of deciding where they will build their new administration offices.  Our discussions with representatives have revealed that they are looking at three alternatives with two being in the CBD and the third being on the Lake Terrace site.  We are told that public consultation has indicated that they should make the offices more accessible and therefore the two CBD sites appear to be the most likely choices.  We believe that a decision on this will occur around August 2019.  On the basis that one of the CBD sites is chosen then the Council will most likely sell the Lake Terrace site fairly quickly to help fund other projects.

The owner of The Village Resort would benefit from ownership of this additional land if they were interested in building a traditional hotel to be incorporated with the existing resort, utilising the extensive facilities.

Land & Zoning: 

The land rises from Lake Terrace up Tui Street and then again towards the Rifle range Road frontage.  It is fully serviced with water, sewage, electricity and stormwater. The are of land will be confirmed once the new title or titles are issued but we expect it to be around 4,984 squate metres in total.

The land fronting Rifle Range Road and the corner of Lake Terrace and Tui Street are zoned High Density Residential whilst the land between with narrow frontage to Tui Street is zoned Residential Environment. 

The Complex:

At the lakefront end of the property is the large games room with the owners lounge, then the office and resort laundry on the ground floor with alcove and washroom facilities above.  These areas are not shown below as they, along with the adjoining managers/owners apartment are on common land.  There are 22 units in total plus the common areas which also include the spa/pool complex and the garage/storage under unit 8.

The 1, 2 and 3 bedroom apartments are in a number of blocks scattered over the site.  Unit 12 was converted from a 1 bedroom apartment to a 2 bedroom apartment by including the staffroom.  This extension might not appear in the areas shown below.

Floor Areas As Per Unit Plan (do not include common areas)

Unit Area (SqM)

1     102

2     102

3     102

4     102

5     105

6     127

7     106

8     127

9     107

10   100

11     74

12     74

13     72

14     72

15     72

16     72

17     74

18     84

19     73

20     85

21     73

22     85

TOTAL   1990 sqm excluding the extensive common areas

Quality:

The Village Resort has always been one of the top timeshares in the country.  The fact that the timeshare structure has not worked in recent times for the owners is not a reflection on the property but more on the legal and financial structures in place.  The owners have voted to sell the property as a single entity and have appointed a solicitor to apply to the High Court to have the Unit Plan canceled.  This process takes time and not much will happen over the Xmas holiday period.

Having been built by Fletcher Construction to a very high specification the property benefits from high-end material and good workmanship.  As with everything buildings age but the timeshare structure has meant that maintenance has been very good.

The plastered concrete block used on much of the exterior, the predominance of Monier Concrete roof tiles and the aluminum window joinery all attest to the high standard of improvements on-site.

Resort Facilities:

  • games room
  • owners lounge and facilities
  • outside swimming pool
  • indoor heated swimming pool
  • spa pool in enclosure
  • BBQ area
  • children playground
  • tennis court
  • marked out carparking for each unit
  • paths and driveways
  • well looked after gardens

For Sale By Tender:

We envisage taking the property officially to the market in early February 2019 with closing date being 4pm Friday 29th March 2019.  At this stage settlement will be 28th June 2019, or earlier as the title/s become available.

Inspections:

Please do not inspect the property without prior arrangements as the managers will be worried about security and upsetting guest, many of whom are not owners and therefore unaware of the impending sale.

We will be conducting formal inspections once we get the formal marketing underway through February and March but most likely on Fridays between 10am and 3pm.

Register Your Interest:

Please complete the Confidentiality Agreement in yellow on the right-hand side of this listing which will register your interest and we will send you the marketing material once we commence marketing.

This is an exciting listing and we look forward to assisting you further with your studies.

Please feel free to call Gordon McGregor on 021 998810 with any questions you may have in the interim.

 

Disclaimer: We do not accept responsibility for mis-statement or error contained on this site. Interested persons should rely on their own enquiry. All prices are plus GST if any unless otherwise stated. If the transaction is recognised as a going concern then the sale should be zero rated.

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Gordon McGregor

Gordon McGregor

Director, | Coromandel, Auckland CBD

M: +64 21 99 88 10

gordon[at]resortbrokers[dot]co[dot]nz

Confidentiality

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