Approximately 260 metres from the waterfront in the sun-filled northern tip of New Zealand
Wonderful resort-style setting around a central in-ground pool and common areas
8 stand-alone 3 and 4 bedroom cottages (freehold unit titles)
A 3 bedroom ‘managers cottage’ with adjoining reception
Predominant owner of the resort
Significant upside in selling each cottage and retaining management
National Director | Central Auckland
Russell Cottages lies in the heart of the tranquil historic town of Russell, well-known for being the birthplace of the Treaty of Waitangi.
A unique property, seldom found in today’s market. Situated less than 300 metres from the water’s edge, the property is idyllic and enjoys all there is to offer in the Bay of Islands.
The cottages were built between 2000 - 2002 and commands a large area on the corner of Chapel and Beresford Street. The property is on a flat site with an excellent sense of arrival with the feel of a private street running through the resort.
The cottages provide the perfect setting for all types of occasions – romantic getaways, weddings, honeymoons, reunions, family holidays or business conferences with a difference.
Each Cottage has a good-size open plan area, private balconies, yard and a minimum of two bathrooms, one of which is an ensuite.
This has to be one of the best facilities available in today's market. A 3 bedroom cottage of the same standard as the rest of the complex, with ensuite and 2 bathrooms along with allocated parking. Most importantly the reception is attached to the owners accommodation. It is a spacious reception at the front of the property and offers a welcoming environment.
A Resource Consent application was sort from the Far North District Council to allow Russell Cottages (being a consented short-stay travelers accommodation) to be used interchangeably as either short stay travelers accommodation or residential units on a site that is within the Russell Township Zone.
The current owners operate a portfolio of large hotels outside of New Zealand. Despite the significant cash surplus provided by Russell Cottages, the property no longer fits with the rest of the family’s hospitality assets and is too small to justify the resources required to generate maximum value from the property.
The Vendors total share represents 53% of the complex cottages, giving them a majority under the Unit Title plan.
Whilst it is acknowledged that there is a far greater value in selling the cottages individually, any sale must be in one line to preserve the majority share of ownership.
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.
© Copyright Bayleys Realty Group © 2020