Grand old Devonport lady gets new owners
A hotel owner has spent $7 million buying a corner of Devonport's rich history.
The Esplanade Hotel's new owner is "very fond" of his latest purchase, says Bayleys Realty Group communications manager Scott Cordes says
Its new southern Chinese property investor owns several other Auckland commercial properties.
The investor paid $6.99m for the 17-suite, 115-year-old hotel and attached titles.
It's a fully tenanted 1 hectare site, formerly owned by the Yildiz family and Andrew van der Peet, and includes a cafe and restaurant.
Originally costing £7000 to build in 1901, the property and buildings have a 2015 $4.75m capital valuation.
Extensive refurbishment and restoration has already been done to the hotel which for generations, sitting opposite the passenger ferry terminal, has served as Devonport's social gateway.
The Esplanade Hotel's design and name draws inspiration from the original mecca of genteel, middle-class seaside holidaying, England's Brighton.
In recent times high tea services have been revived in the building's chandeliered, high stud, polished wooden floor function room.
Bought as a long term family investment, the new owner plans to upgrade the category one historic listed, three storey building in the future.
For now, the owner can expect around $380,000 income from tenants to roll in per year with more earnings from telecommunication mast leases.