Sunrise Beach Bungalows
Asking price $1,100,000 Plus GST (if any)
Sunrise Beach Bungalows n/a Main Road Rarotonga
Listing # 1536 Listed 7 Jun 2016
About this property
Leasehold Going Concern, price is $1,100,000 + VAT
Reasons to buy
- Established Clientelle
- Excellent TripAdviser ratings - Certificate of Excellence
- More land for development - 4 more units
- Favourable lease
- Excellent existing returns
- Vendor motivated to sell to return to New Zealand
Sunrise Beach Bungalows is a cute Cook Islands resort built to a high standard having regard to the tropical environment. The use of concrete block is a real bonus and gives a real permanence to the real estate.
The manager’s accommodation is located above two of the units.
There are a further 6 free standing and spacious bungalows being fully furnished and recently refurbished to a good standard.
There is a building up on stilts in 2006 as a café but was closed in 2009. It now provides huge opportunity for someone with a food and beverage bet to complete this structure and widen the business base. This structure is built on the beachfront portion for the property to make the most of the magnificent views.
The photographs include a site layout plan for your perusal.
Sunrise Beach Bungalows is located on the sourt-east coast of Rarotonga, 1.2 km from Muri Lagoon and the shops and restaurants. The Bus stops on the main road, right outside the entrance to the property.
It is extremely well located and clearly benefits from wonderful sunrises.
The land area is 3773 square metres with 48 years to run (60 years original term) on the lease. Only around 2135 square metres is currently ulilised leaving opportunity to develop 4 more units. The current owner has plans for these units and is in the process of having them costed just in case you wish to extend the complex.
The land rent is $30 per week with the usual 1.5 percent turnover tax to the landowner.
The vendor advises that this lease is extremely straight and does not contain fishhooks and given the ownership structure the assignment process should be smooth – i.e. only one signature required by a respected statesman.
Here we have a really nice and very appropriate beach resort which has tremendous potential in many ways:
- utilise modern technology in the management, sales and reservations to get greater exposure and increased bookings
- create a new revenue stream from completing the restaurant
- developing more room inventory
Otherwise sit back and enjoy the work already put in place by the owner and reap the immediate returns.
The choice is yours.
But in any event, we are getting huge inquiry for Cook Islands properties given the baby boomers wanting a new lifestyle and the booming tourist economy. So don’t delay your future – ring now