The management rights to a luxury boutique waterfront accommodation business in one of the North Island’s foremost coastal holiday towns have been placed on the market, with ownership of a lavish apartment within the high-end complex.
The management rights encompass overseeing the plush five-star Sovereign Pier on the Waterways resort located in the Coromandel township of Whitianga – directly overlooking the town’s high-end residential waterways complex where property owners moor their luxury boats from jetties at the end of their properties.
Housed within a crescent-shaped lay-out around Whitianga’s man-made waterways, Sovereign Pier on the Waterways’ accommodation inventory comprises 48 luxurious two and three-bedroom units fitted out with designer kitchens, laundry facilities, heat pumps/air conditioning, and balconies or courtyards.
The management business within Sovereign Pier on the Waterways encompasses overseeing the property’s letting pool of apartments.
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The business derives salary income from operating the location’s body corporate, along with additional chargeable grounds and maintenance work at the two-hectare development.
Also included in the sale is a spacious modern three-bedroom/two-bathroom 161-square metre owner/manager’s residence built in a similar style to the adjacent upmarket accommodation units.
The management rights for the accommodation business at unit A44/73 South East Highway in Whitianga, along with the venue’s owner/manager’s residence, are now being marketed for sale by tender through Bayleys Whitianga, with the tender process closing on March 14.
Bayleys Whitianga salesperson Josh Smith said the current business owner and vendor had successfully traded their way through several tough years of site management – leaving the Sovereign Pier on the Waterways business well positioned for a new operator to take over as greater economic prosperity loomed on the immediate horizon.
“Sovereign Pier on the Waterways is perfectly positioned to benefit from that growth resurgence in the tourism sector, while simultaneously delivering any new owner/operator a well-adjusted work/life balance.
“Sovereign Pier on the Waterways is Whitianga’s premier commercial accommodation provider – attracting a high-end clientele, and better than market average occupancy rates and nightly yield levels on a year-round basis.
“Set on approximately two hectares of flat land, Sovereign Pier on the Waterways is a true resort location which is fully fenced and gated, and is underpinned by high quality guest amenities such as a substantial inground heated swimming pool, 20-person spa pool, gymnasium, tennis court, boat ramp for exclusive use, and marina berths subject to availability.”
The management rights for overseeing the successful operation of Sovereign Pier on the Waterways come with a long contract in place running through to 2057.
“The business model has been structured to ensure the owners have ample time to enjoy the benefits of the location – like fishing, and diving. The chic two-storey owner/manager’s dwelling features two decks totalling approximately 62.2 square metres – one on the upper floor, which is glassed in for year-round use, and the lower a lower deck which offers a usable area,” said Smith.
“The clean-lined modern apartment also has a separate office reception desk area to service apartment guests, as well as a high-stud double garage and additional private parking spaces. Like units within Sovereign Pier, the manager’s apartment is five-star quality.”
Built in approximately 2008 along the lines of a Sunshine Coast-styled waterfront resort, Sovereign Pier on the Waterways is located just a few minutes’ walk from Whitianga’s central business district. The privately-owned units have garage parking and on-site parking amenities for both cars and boat trailers in a secure enclosed space befitting a five-star venue.
“There is the potential for the other privately administered apartment units within the complex to be placed within the letting pool, and this would have considerable upside for revenue for the management business being marketed for sale.”
- Supplied by Bayleys
