Residential potential on stunning Waimea Estuary point
A landmark Nelson peninsula property, home to well-known pub The Honest Lawyer, is on the market.
Colliers International Nelson has been exclusively appointed to market 1 Point Road, Monaco, for sale by negotiation.
Broker Ken Montgomery says the 1.3ha freehold property offers solid rental returns and plenty of add-value potential.
“This unique property occupies an entire peninsula on the edge of the sheltered and picturesque Waimea Estuary, right next to the well-known suburban Monaco peninsula,” he says.
“The tip of the peninsula for sale includes some 3,400sq m of vacant land suitable for residential or commercial development.
“This is a superb opportunity for add-value investors or residential buyers looking for a new-build site with the added bonus of a solid commercial rental income.”
The Honest Lawyer was built in 1995 in the style of an old English pub, and has been trading solidly since then.
“This unique hospitality complex boasts bars, a restaurant and dining rooms, a range of accommodation units and an extensive waterside garden area,” Montgomery says.
“Vintage artefacts add to the quaint country pub feel, making it a popular venue for weddings and functions, overnight lodgings, or simply enjoying drinks in the sun with friends.”
Montgomery says the neighbouring Hotel Grand Mercure Monaco Resort helps to drive the pub’s business, with resort guests often wandering across the road to investigate the unique hotel for dinner and drinks.
The Honest Lawyer’s lease has almost five years remaining, with two further rights of renewal of six years each.
The lease is currently returning $291,795 per annum plus GST, with the tenant responsible for all outgoings.
“Although the tenant utilises the whole property, the lease provides the landlord with the right to subdivide off the tip of the peninsula with no reduction in passing rental,” Montgomery says.
“The absolute waterfront land is zoned Suburban Commercial, which allows for a range of permitted activities including commercial and residential uses.”
Montgomery says the landscaped, vacant land is key to understanding the value of the property.
“Ideally, the property would suit a purchaser wanting to build a home in this magnificent location, with uninhibited views across the estuary to the western ranges, while enjoying rental income from the hotel complex.”
The property has a floor area of approximately 1,150sq m on a 13,060sq m site.
Montgomery says the Monaco area is a popular weekend destination for locals, as well as guests of the award-wining Mercure across the road.
It is less than 9km from Nelson CBD, and a short distance from Nelson Airport and the Nelson Golf Links.
Nelson benefits from New Zealand’s ongoing tourism boom, which is helping to drive economic growth. The wider Nelson region topped ASB Bank’s regional economic scoreboard for two consecutive quarters this year.
It is also a popular residential and retirement spot, thanks to its generous sunshine hours and proximity to numerous beaches and national parks.
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