9/16 Chapel Street Russell, Far North District

Manage, Maintain & Grow | Long Term Rental | Sell Down | Syndication - Unlimited Choices

This fabulous tourism accommodation and events location include the majority of the Russell Cottages (being 9 of the 17 Russell cottages including the major asset of the Managers Cottage and reception).

Russell Cottages lies in the heart of the tranquil historic town of Russell, well-known for being the birthplace of the Treaty of Waitangi and a long term favourite for travelling kiwis and international tourists alike.

Russell Cottages is a unique property, seldom found in today's market. Set in historic Russell less than 250 metres from the water's edge, the property is idyllic and enjoys all there is to offer in the Bay of Islands.

• Pre-Covid EBITDA 39% per annum (average)
• Forward bookings >$250,000 to March 2021
• Predominant owner of the Russell Cottages resort (9 of 17 Units) 53%
• Including a three-bedroom managers cottage' with adjoining reception key to the complex'
• Eight stand-alone three and four-bedroom cottages (freehold unit titles)
• The significant upside in selling each cottage individually and potentially retaining management
• Direct bookings website and Facebook social presence
• A wonderful resort-style setting around a central in-ground pool and common areas
• Approximately 250 metres from the waterfront in the sun-filled northern tip of New Zealand

The asking price for the 9 cottages (including Managers Cottage and reception) and management rights business is $5,500,000 + GST if any. The current owners have no appetite to sell the cottages individually.