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Corstorphine House Hotel Or Lodge In Dunedin For Sale

Dunedin, Otago
Asking Price:
$5,000,000 (NZD)
Sales Revenue:
Available on request
Cash Flow:
Available on request

Corstorphine House has previously traded as a luxury private Hotel, Lodge, Restaurant and a Function Venue for Conferences and Weddings. The property is currently a private residence however, all the chattels and the commercial kitchen are still onsite allowing for an astute hospitality and tourism accommodation operator to purchase this stunning 8 bedroom boutique property set on three titles totalling over 3ha.

Built in 1863 for John Sidey and remained with his family until 1950s and has a New Zealand Historic Places Trust category one status. The property was extensively refurbished between 1999 and 2001 and again between 2009 and 2015.

Famous guests have included, Prince Charles, actress Gwyneth Paltrow, musician Chris Martin and actor Daniel Craig.

Recent improvements include:

- A second (residential) style commercial kitchen

- Installation of a 60kw coal burner significantly reducing heating/hot water costs

- Rebuild of the historic greenhouse into a conservatory with double glazing allowing up to 90 guests for a formal functions or weddings

- Extensive new carpeting in many areas of the property

Broker's comment:

If there was ever an opportunity in the Tourism Accommodation sector to take this magnificent property back into the luxury tourist accommodation market, this property allows an astute Investor and or Operator to once again open the doors to the discerning travellers, corporate retreats and wedding markets.

Note: interior photos are from when it was operating as a hotel by the previous owners and does not reflect the current interior.

Features

Corstorphine is a suburb of southwest Dunedin, located on the slopes of Calton Hill - a spur of Forbury Hill - between Caversham Valley and the Pacific Ocean. The suburbs of Saint Clair and Forbury lie to the east and south, and Caversham and Lookout Point lie to the north.

The name "Corstorphine" comes from the house and land owned by early settler John Sidey, who arrived in Dunedin in 1848. It originates from Corstorphine, a village near Edinburgh, though the names are pronounced differently (the Scottish village has the emphasis on the second syllable, rather than the first). Many of the streets in Corstorphine and Kew are named after places in Scotland, among them Skibo Street, Dornoch Street, and Lockerbie Street. Sidey's son Sir Thomas became a prominent local and national politician during the later nineteenth century. Sidey's residence, Corstorphine House, was built in 1864 and was substantially extended in 1910. It is one of the suburb's main landmarks.

Dunedin is best known for its picturesque harbour setting, lively student population and Scottish heritage. It's the second largest city in the South Island, is considered one of the country's four main centres for its colonial history and prominence within the Otago region and the South Island with the city population at 5 March 2013 was 120,246. Dunedin is surrounded by dramatic hills and at the foot of a long, picturesque harbour, Dunedin is one of the best-preserved Victorian and Edwardian cities in the Southern Hemisphere.

Tourism - Dunedin attracts about 2 million visitors annually, with New Zealanders making up the majority of the numbers. There is an average of 5500 visitors daily, many of whom have made the trip south to see Dunedin’s renowned wildlife and heritage for themselves. A growing part of this sector is the cruise ship industry, with 84 ship visits bringing 200,000 visitors during the 2011/12 season.

Otago Peninsula - the views are endless and the beaches are beautifully rugged. Nestled at the foot of Taiaroa Head is the Royal Albatross Centre, the only place in the world on the mainland where you can view Northern Royal Albatross in their natural habitat. On Dunedin’s doorstep you will also find incredible wildlife including the world’s rarest penguin colonies.

University city - The city's largest industry is tertiary education – Dunedin is home to the University of Otago, New Zealand's first university (established 1869), and the Otago Polytechnic. Students account for a large proportion of the population; 21.6 percent of the city's population was aged between 15 and 24 at the 2006 census, compared to the New Zealand average of 14.2 percent.

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