13 Gladstone Road, Gisborne (The Emerald Hotel)
13 Gladstone Road, Gisborne, Gisborne, Gisborne, 4010, NZ
50 units
Asset Description
JLL is proud to present to the market for sale, Elliott Hotel and Retail Centre – a prime, split-risk investment supremely located to benefit from mid- town’s impending redevelopment.
The property currently consists of four main income streams: Elliott Hotel, Attic Backpackers, the Wellesley Shops and The Elliott Retail Centre which includes the Reslau Building. These income streams create a truly diversified asset, resilient to market fluctuations.
The asset's prime location near $7bn of infrastructure upgrades, including the upcoming Aotea Train Station, places investors at the heart of Auckland's midtown revival. With 18 diverse projects underway nearby, the area shows strong growth potential. The Elliott Hotel, anchoring Auckland CBD's 'hotel mile', is poised to outperform competitors due to its superior location and amenities. Its potential expansion from 70 to 101 rooms across two additional storeys further solidifies its market leadership.
For Sale by an International Expressions of Interest campaign, closing on the 27th March 2025 (unless sold prior).
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Attributes
Number of units
70
NOI
€2,373,000
Building area gross
6,378 m²
Land area gross
1,783 m²
Year built
1910
Media
Investment Highlights
• Split-risk Income Stream returning $4,382,976 plus GST
• Floor area: 6,378 sqm (more or less)
• WALT: 6.87 years (by income)
• 67% Detailed Seismic Assessment (DSA)
• Positioned to leverage off Midtown’s revitalization
• Redevelopment potential – ability to increase room count to 101 rooms.
• Acquisition below replacement value
Contact brokers
Elliott Hotel & Retail Centre, Auckland CBD (0 Properties)
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Last updated
26 Feb 2025
