Marlin Apartments have lots of bait to hook a buyer
Exterior view of the frontage of Marlin Apartments at 13 Buffalo Beach Rd, Whitianga, Coromandel.
An accommodation provider in the Coromandel township of Whitianga situated on an absolute waterfront property with expansive views of Mercury Bay is featured for sale in Bayleys’ latest Total Property magazine.
“Marlin Apartments comprises five units and a two bedroom owner or manager’s apartment,” says Josh Smith of Bayleys Hamilton who is marketing the land, buildings, chattels and the accommodation business at 13 Buffalo Beach Rd, for sale as a going concern, by auction at 11 am on Thursday October 29 in the agency’s office at 96 Ulster Street, Hamilton.
Smith says the complex encompasses 360 sq m of buildings on an 809 sq m freehold property. “The business has one two bedroom unit and one single bedroom unit that both face the beach,” he says. “Two single bedroom units and a studio unit are on the ground floor and these face a courtyard.”
All units within the complex are equipped with self-catering kitchen facilities - including a microwave, fridge and stovetop – as well as SKY TV and WiFi. Each unit has its own patio with wooden outdoor furniture and property has a communal laundry and barbecue equipment for the use of its guests.
Smith says the property is a short walk along the beachfront to Whitianga's range of restaurants, shops, marina and tourists attractions.
“It offers the choice of running as is with a good holding income or subdividing. It will not take long for prospective purchasers to recognise that this location has a huge amount to offer future developers, with the potential to use the existing building footprint to maximise any redevelopment that could embrace the prestigious views.”
Smith says the business is usually booked solidly throughout the Christmas and New Year holiday period, with strong reservation numbers throughout the remainder of summer running into Easter. “The future revenue stream will be passed on to any new owner,” he says. Whitianga’s tourism calendar is divided into two separate economic trading periods with the busiest trading period being the summer and summer-shoulder months from November to April. The quieter part of the year is over the autumn, winter and early spring months.
“The quality of the Marlin Apartments and their handy location overlooking Buffalo Beach, has ensured consistently strong occupancy levels since they were built in 1975,” Smith says. “The non-smoking units underwent a substantial refurbishment in July this year with the renovation work including a complete external repaint, major internal redecorating and the landscaping of the grounds.
“A number of competing commercial accommodation properties in Whitianga have chosen to take profits out of their businesses over the past decade. However, in contrast, the owners of Marlin Apartments have re-invested a considerable portion of the profits back into the operation through a regular maintenance schedule.”
Smith says Whitianga markets itself as a central regional hub where tourists can base themselves to visit the Coromandel’s high profile beaches, including Hot Water Beach, Cathedral Cove, Opito Bay and New Chums.
“Over recent years, tourism and hospitality operators in Whitianga have taken a much broader and ‘collegial’ approach to their marketing activities. This has seen the development of an events calendar to bring in visitor numbers during periods which would otherwise be ‘quieter’,” he says.
“Foremost among these events has been the Scallop Festival, followed closely by an air show, motor racing events, the K-2 cycle challenge and numerous fishing contests. These destination based attractions have benefitted all sectors of the Whitianga economy, including Marlin Apartments.
“It’s about using Coromandel’s beach attractions as a foundation for tourism, then bolting on other reasons to visit the town.”
Smith says the target market for all tourism promotion activities is primarily Aucklanders, followed by the Greater Waikato population.
He says the Thames Coromandel District Council has allocated $3.1 million in its 2015-2025 Long Term Plan for the upgrading of Whitianga town centre. “The council has expressed a strong desire to have the majority of work completed by 2019 to tie in with the 250 year commemorations of Captain Cook landing at Mercury Bay.”
What’s on offer?
Property and business: Marlin Apartments.
Location: 13 Buffalo Beach Rd, Whitianga, Coromandel.
Agency: Bayleys Hamilton.
Sales method: Auction at 11 am, Thursday, October 29.
- Absolute waterfront position with views of Mercury Bay.
- 360 sq m of buildings on 809 sq m freehold site.
- Potential for redevelopment with good holding income.
- Sale encompasses land, buildings, chattels and business.
- Short walk to Whitianga township.