Kaikoura developer markets wharf concept
Tourism venture advertised last year as a $30m development is now also for sale at $5.9m.
A tourism venture that was advertised last year as a $30 million wharf development at Kaikoura is now also for sale at $5.9 million.
Kaikoura Wharf Developments obtained resource consent for a 1ha site that includes the existing Pier Hotel and fishing wharf.
The proposal has similarities to Queenstown’s Steamer Wharf, which includes a mix of retail, commercial and hospitality outlets.
Kaikoura Wharf would provide some funding but the development hinges on finding joint-venture partners, developers and investors.
It would include a four-star 84-room Wharf Hotel and conference facility. The existing Pier Hotel would be transformed into a 108-room “flashpackers” hostel.
Also in the mix are 32 apartments to be owned by investors and leased to the hotel, bars and restaurants, and a fish market. The planned apartments would have been priced at around $550,000 to $650,000.
The company’s shareholder and director is George Collier of Arrowtown, who engaged Stuart Chadwick as his commercial project manager. Queenstown businessman Mike Coburn was also assisting in an informal capacity.
The pair were involved in Christchurch’s Clearwater Resort and other tourist property ventures such as Bluewater Tekapo, where some units have been auctioned at the behest of the mortgagee.
The latest Harcourts advertisement for the development concept says a full prospectus is available outlining these options:
- Wharf hotel and conference facilities ... "much-needed top-end accommodation and amenities”.
- Restaurants, bars, tourist operation.
- Apartments offering “fortunate investors superb ocean and mountain views” with the option of leasing back to the hotel.
- Underwater viewing tunnel.
- A “hot spot for the younger generation of locals and tourists”.
- “Advertised price reflects the vendor’s intended sale of the land, consent and concept plans.”
Chris Hutching for NBR NZ Property Investor
Wed, 17 Apr 2013
Wed, 17 Apr 2013
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Kaikoura developer markets wharf concept
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