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Rare Akaroa investment opportunity

NZ_AucklandCBD_Communications_Rare Akaroa investment opportunity

Commercial property investments in the heart of the beautiful Akaroa township are tightly held and rarely come to the market.

A freehold, commercial premises at 2 Aubrey Street is one of the few to be offered for sale in recent years in the thriving seaside settlement, known as the most French town in New Zealand.

Marketed by Courtney Doig and Michael Lough of Colliers, the 465sq m property is just a stone’s throw from the sparkling waters of the Akaroa Harbour and right in the heart of the bustling hospitality and retail hub.

Scheduled for auction on 4 November, it comprises two apartments, a commercial laundry, and swimming pool.

“This property is an extremely attractive proposition as an investment. It’s been owned by the same investor for the past 20 years and has only changed hands one other time,” Doig says.

“We think it’s the first such property to be put up for sale in three years. The last one we can recall is a property we sold in nearby Beach Road three years ago for $1.85 million. There are very few sales in downtown Akaroa and it’s rare to find a hands-off standalone commercial property investment in this particular pocket of the town.”

The three-bedroom apartment is on a five-year lease, with rights of renewal, to the adjacent motel, the Akaroa Village Inn, which manages the unit and also leases the pool, laundry, and storeroom. The two-bedroom ground floor apartment currently operates separately on a casual revenue sharing arrangement with the Akaroa Village Inn.

Built in the 1970s, the building was recently strengthened to more than 67 per cent of NBS and has the benefit of two carparks.

“It’s ripe for repositioning. The bones are good, and it would make a fantastic value-add renovation. The long-term lease to the Akaroa Village Inn shows that it’s a proven performer,” Doig says.

Lough says the Akaroa Village Inn renewed its five-year lease earlier this year and has a further three rights of renewal expiring in 2041. The net annual rental income is approximately $52,000 with potential to increase.

Akaroa is just 75km from Christchurch, and renowned for its breath-taking natural landscape and abundant wildlife, including Hector’s dolphins, orcas, little blue penguins, and fur seals.

Related Experts

Courtney Doig

Investment Sales Broker

Christchurch (Agency)

Courtney has won multiple national awards and is recognised as one of the star performers at Colliers. She is widely respected for her initiative, tenacity, and professionalism. 

During the past year, she negotiated more than $94 million of investment sales including a diverse variety of commercial buildings and ‘as is where is’ body corporates.

Rising to the top of the industry in a short time, Courtney was named Colliers International Rookie of the Year in 2014, after achieving the highest revenue of all new brokers. Since then she’s added Colliers International Managing Director’s Award in 2011 & again in 2013, followed by the REINZ Commercial & Industrial Rising Star of the Year in 2014 and General Manager’s Award in 2017. In 2018 she was recognised as the winner of the RICS Women of the Built Environment which promotes positive contribution to the property industry.

Courtney is the dominant broker in body corporate ‘as is where is’ sales, implicitly understanding the complexities of this sector. 

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Michael Lough

Investment Sales Broker

Christchurch (Agency)

A tenacious broker, Mike adopts a targeted approach to each and every campaign to unearth a strong group of potential buyers, generating competition for all his properties. This strategic and carefully considered approach has earned him an impressive track record. His meticulous planning results in great outcomes for his clients, who are happy to provide glowing references. Mike also has an enviable network of personal and professional contacts.

Mike negotiated more than $50m of sales in his first 18 months, from as is where is, office, and vacant land. He has established a specialist niche in accommodation assets where he works with a strong group of national buyers seeking investment opportunities in the South Island.

He has a Bachelor of Design (Visual Communication).

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