Three freehold hospitality properties have changed hands recently in Canterbury.
An undisclosed local investor has bought the freehold of the Holy Grail in Worcester St for $2.1 million. The property was previously owned by CEA Property (in receivership).
Philip Cooper, an investment broker with Colliers International in Christchurch, said the Holy Grail represented a good investment opportunity.
“Having an active hands-on operator who is already working within the hospitality industry will be hugely beneficial to help both the Holy Grail, and the whole building, reach its potential.”
The building also consists of a TAB, a Champions of the World shop and 400m2 of office space, which is currently vacant.
In a second deal, Cooper has sold the popular Woodend Hotel in North Canterbury as a freehold going concern for $1.6 million.
“This has been bought by a group of private owners who live in the area and is a perfect result for this type of hotel with its largely local patronage.”
Cooper has also just sold the freehold of the well known Beeches Restaurant at Franz Josef. A South Island investor has bought the restaurant, which fronts onto State Highway 6. The lease expires in 2018 with a 10 year right of renewal.
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