Popular holiday park on market
One of Tekapo's most popular holiday spots is on the market, but its future is uncertain.
The Lake Tekapo Holiday Park has been run by the Speedy family for about 10 years, but has just been advertised for sale.
The 27ha site includes a six-unit motel, capacity for 20 cabins, 116 campervan tent sites and 68 beds for backpackers' accommodation. Tekapo Holdings had signalled plans for a major expansion of the site, including an "alpine village", but director Jim Speedy said these plans would require additional capital.
"Tekapo Holdings has taken a strategic decision that this growth phase and the longer-term development would be better undertaken by a new owner," he said.
"It has spent considerable time and money growing the Holiday Park/Motor Camp businesses.
"The significant upgrading of facilities together with the provision of new accommodation options has resulted in continual growth in gross revenues."
Sothebys International real estate agent John Greenwood has indicated the property was offered for sale on a freehold going concern, and the expectation was for a value of above $10 million. "Basically, there are huge growth possibilities for the business."
It is unknown whether the Speedy family will continue to manage the property if a sale goes through.
"That will depend on the agreement reached with the seller," Pete Speedy said.
- © Fairfax NZ News