• Rare opportunity to purchase large central city landmark site

• Comprises the boutique 39 room VR Hotel, backpackers and 16 other tenancies
• Various add value options or long term hold
• Spread risk gross income of $704,338pa
• The hotel and backpackers can each be purchased as a going concern

Situated opposite the proposed Waikato Regional Theatre and nearby the new Union Square complex, the Tanui developed ACC building and Sky City Casino, this location has always been well regarded. Offering three street frontages the development options are various including the refurbishment of the hotel, an upgrade of the 100 bed backpackers, repositioning of the retail offering and adding car parking. The VR Hotel is a landmark property and has heritage value. It would form part of a wider redevelopment play and suit developers, investors or hotel operators alike. The leasehold tenure is in perpetuity, on 25 year renewal terms and is held by the Methodist Church. Standard ground rental review mechanisms apply.

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