Lodge freehold goes for $3.6m

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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.”