After a six-week marketing period, a new owner has been found for Auckland landmark property, The Waipuna Hotel and Conference Centre, as a going concern.
The Waipuna, which overlooks the Panmure Basin, has been sold unconditionally for a confidential sum by the Mount Wellington Licensing Trust to Prime Property Group. Settlement is 31 January 2025.
Troy Elliott, president of the trust, says Trustees are delighted that the sale means the Waipuna will continue to operate as an hotel and conference centre, providing ongoing employment for the staff.
Community Giving
“We are thrilled to have found a buyer at a market competitive price. It means we can invest the net sales proceeds and ensure future community giving, something the Mount Wellington Licensing Trust has been unable to do for many years.
“Having a hotel operator purchase Waipuna means that our wonderful hotel and conference centre team will be employed on terms no less favourable than at present by the new owner, which is a terrific result.
“Securing a sale and preserving jobs is a win-win outcome for the community. Between now and the end of January next year, the focus will be on delivering great business-as-usual service until the new owner takes over, doing everything to prepare for a smooth handover, as well as working on completing our investment strategy for the funds generated by the sale,” says Mr Elliott.
Professional Operation
Prime Property Group says it is excited to add The Waipuna Hotel & Conference Centre to its portfolio, and be part of the Waipuna Centre community.
“We were impressed by the quality of the asset and its professional operation and we are looking forward to enhancing and expanding it.
“Our group owns and operates hotels in Wellington and Tauranga as well as motels in Turangi, Taupō and Whitianga,” says head of Prime Hotels, Antonietta Muollo-Aharoni.
The Panmure Historic Hotel, the second property offered for sale by Mount Wellington Trust Hotels Ltd, remains on the market.
“Our real estate agents will continue to market and explore opportunities to sell our Panmure property,” says Mr Elliott.
More Community Support
By selling Waipuna and re-investing the net sale proceeds into an investment portfolio less exposed to hospitality and accommodation, the Trust says it will be able to give significantly more financial support to community organisations and initiatives in the Mount Wellington Licensing Trust catchment area, every year.
“Selling is the right decision for our community,” says Mr Elliott.
“It creates an enduring legacy of community giving based on a solid financial foundation. We look forward to the time in the not-too-distant future where we can finally deliver on our core purpose for the people of the Mount Wellington Licensing Trust area.”
