An undisclosed American investor has bought the freehold property of Queenstown’s long-established Earnslaw Lodge.
The investor met the asking price of $3,585,000 which represents a 5.3 per cent yield.
The vendors were Cromwell couple Patricia and Philip Copland. The 20-room lodge’s existing operators Lynley and Phillip Jones have a 20-year lease.
Local Bayleys real estate agent Buzz Scown, who brokered the sale, says the buyer was impressed with the operators.
“They have a reputation of being fine proprietors of that property and many people stay there because of them,” he says.
Scown says the property also has growth potential: “It’s got a lot of land around it.”