New Zealand: The Tirohanga Group is selling a portfolio of seven South Island properties with a total value of more than NZ$47 million.
Jones Lang LaSalle has been appointed to sell the properties, which include three leased luxury boutique hotels, as well as a large commercial building centre, two blocks of development land, and another property which houses a retail outlet, backpackers and adventure hire centre.
The hotel properties are the 40-room Nugget Point boutique hotel and spa in Queenstown; the Awaroa Lodge in Abel Tasman National Park, Nelson – its 26 villas are the only luxury accommodation hotel within the national park – and the Portage Resort Hotel, Kenepuru Sound, Marlborough Sounds which features a marina next door and opportunities to diversify, the property includes a cafe, hire centre and backpackers’ lodge.
JLL’s John Binning said: “While the entire portfolio is on offer the vendor will consider offers for individual properties, which could allow investors a rare chance to access property assets of this scale. With New Zealand’s strong economic growth and a positive tail wind from the tourism sector, this diversified portfolio offers considerable exposure to parts of the country that are doing well in current market conditions. In addition, there has been very little new supply coming on to the market in the South Island outside of Christchurch.”