Prime property package on the market

CHLOE WINTER
Last updated 13:52 17/03/2014

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The owners of three major properties in Marlborough and four more throughout the South Island are cashing in on their investments.

Rotorua couple Barry and Salina Walters, of Tirohanga Group, have decided to sell their South Island properties so Mr Walters can focus on his health.

The properties are believed to have a combined value of about $47 million.

Among the properties are the Portage Resort Hotel and the adjacent Portage Country Shop in Kenepuru Sound. The company recently spent $1.4m upgrading the hotel.

Also for sale are the land and buildings in Blenheim leased by Mitre 10 Mega.

Mr Walters told the Express that it was time to let the properties go as his health was "not too good".

He said he had been told by his doctor that if he wanted to live a longer life he had to start looking after himself. "So that is what I am doing," he said.

"I'm not selling the properties because I don't love them. I wouldn't have given them up if I didn't have this illness."

Mr Walters had been living in Queenstown since 2001 and loved every minute, but it was time for him hand over the keys, he said.

"It's time for somebody else to take charge. I'm 75 next month so I want somebody else to have a go. It's time to retire."

He said his original plan had been to develop all the properties, including the land in Nelson.

"But your life changes," he said.

"I want my properties to go to the right buyer to make them shine . . . Marlborough and Nelson are the best places on Earth."

Mr Walters planned to "fly under the radar" for a while.

"I'm going boating, I'm a yachtie. I'm going to cruise Canada and Alaska and see how I go."

His wife, Salina, was developing a top-end chef training school in Rotorua, he said.

The couple have appointed Jones Lang LaSalle agent John Binning to sell all the properties.

He hoped to sell the properties as a package but would consider offers on individual properties.

There had been some interest from off-shore buyers for Nugget Point Hotel in Queenstown and the Portage Resort Hotel.

The land and buildings in Blenheim should be easy to sell, he said, because it had a long lease attached to it.


AT A GLANCE

The Mitre 10 Mega retail outlet in Blenheim, occupying a 1.82ha freehold site. 

Nugget Point boutique hotel and spa in Queenstown – a 40-room, luxury five-star hotel, incorporating a health spa and gymnasium, tennis court, squash court, home theatre, wine cellar, conferencing and wedding facilities.

A 1.2-hectare freehold land block adjacent to the Nugget Point resort – a potential site for a 200-room extension to the hotel.

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Awaroa Lodge, Abel Tasman National Park, Nelson – regarded as one of the best "eco lodges" in New Zealand and comprising 26 villa-styled rooms. It is the only luxury accommodation hotel within the national park.

Portage Resort Hotel, Kenepuru Sound, Marlborough Sounds – featuring a shoreline frontage with a marina next door and opportunities to diversify, the property includes a cafe, hire centre and backpackers' lodge.

The Portage Country Shop – located on freehold land adjacent to the Portage Resort Hotel, the shop provides support to the hotel complex by hiring out adventure equipment such as kayaks, mountainbikes and fishing gear to Portage guests.

A land block of more than 2ha at 123 Halifax St, on the edge of the Nelson CBD.

 

- The Marlborough Express

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