The single block portfolio is being marketed for sale by tender through Bayleys Dunedin, with tenders closing on 2 August. Bayleys Dunedin director Robin Hyndman says the block is strategically located between Dunedin’s CBD and Forsyth Barr Stadium, and flanked by the city’s hospitality, university and polytechnic precincts. Hyndman says that because of the site’s walking distance proximity to both the Dunedin city centre and Forsyth Barr Stadium, it would be the ideal location for a much-needed four or five-star hotel. ‘With two access points off separate roads, the configuration of a hotel within the property would allow easy entry and exit traffic flows for tour group buses.’ Hyndman anticipates any interest in a hotel development option would most likely come from offshore or Auckland based investors, while a conversion into halls of residence style accommodation would prove an attractive option for Dunedin-based investors.
DUD site ‘ideal’ for hotel
One of the biggest chunks of commercial real estate located on the fringe of Dunedin’s central business district – and adjacent to the city’s education hub – has been placed on the market for sale. The huge 7913 square metre site encompasses five separate adjoining titles between Anzac Avenue and Harrow Street.