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Emergency housing owners set sights on Rotorua s Ambassador Thermal Hotel 7 May, 2021 09:00 PM 8 minutes to read The Ambassador Thermal Motel on the corner of Hinemaru and Whakaue Sts. Photo / Andrew Warner A motel lease on prime land overlooking millions of dollars of Rotorua lakefront investment is being bought by new owners who run emergency housing motels. An owner confirmed to the Rotorua Daily Post Weekend they are buying the Ambassador Thermal Motel on the corner of Whakaue and Hinemaru Sts and intend to use it for emergency housing. But nearby residents and business owners say they are fearful and want the deal stopped, as having emergency housing in such a prime spot is in their view not a good look for Rotorua. ....
Press Release – Bayleys A continuing contraction of investment property yields and a good level of demand for well located tenanted and vacant premises were features of Bayleys’ final Total Property auction for the year. Bayleys’ Auckland commercial and industrial director Lloyd Budd says the sale of a variety of tenanted offerings at net rental income returns of below or around five per cent confirm that yields are continuing to track interest rates down. “Bank deposit rates have dropped significantly in recent months to below one per cent which opened up a bigger yield gap with commercial property returns than has existed for some time. However, our latest auction results show that property yields are now also adjusting downwards again and this may well continue into the New Year,” Budd says. ....