Investment confidence high in Mangawhai

 

Long-term confidence in Mangawhai has kept two large local businesses in the hands of Mangawhai residents and holiday home owners.

The Mangawhai Tavern land and buildings and tavern operation has been sold to a syndicate led by Rick Smith, whose family owned and operated the hotel between the 1930’s and 1960’s.

The Wood Street shopping complex, owned by Steve Lay, has been sold to local residents, Neville and Anne Chandler.

Both properties are scheduled to settle by April.

The 1.25 acre Mangawhai Tavern site and Historic Places Trust-listed tavern building has been owned by local identity Tim Walker since the early 1990’s. The tavern lease, or business, has been held by Gillian Houser who has operated the tavern for the past seven years.

Steve Lay, who has owned the Wood St shopping complex with its 15 tenancies, auctioned the property in mid-February to concentrate on extending his Kingsview Estate subdivision. The auction attracted a number of Asian investors but did not sell on the day. An agreement was subsequently reached with the Chandlers.

Rick Smith is well-known in Mangawhai as president of the local tennis club. He owns a property in Estuary Drive and operates two dairy farms in Tomarata.

His brother Dave Smith operates a contract logging business and has been the contractor appointed by the Mangawhai Harbour Restoration Society to remove more than 12 hectares of mangroves at Insley St/Black Swamp Rd and Sand Island under an Environment Court-determined Resource Consent.

Rick’s grandfather Lou Nelson was a former owner of the hotel.

Tim Walker, the current land owner, has been selling most of his property surrounding the hotel as well as the hotel land and buildings.

The Chandlers have a 20 year relationship with Mangawhai and have seen the ups and downs that beset a small community so their confidence in the future of the town is both commendable and heartening. Until now their business interests, including property, have been predominantly in Auckland.

The Chandlers have yet to outline plans for their vision of the shopping complex’s future.

Rick Smith’s syndicate, which comprises three couples who have holiday homes in Mangawhai, is currently working through a business plan for the hotel’s future.

However both confirmed their confidence in the future of Mangawhai as a principal reason for their purchase decisions.

These two purchases by locals follow the sale of the Hub land and buildings to new Mangawhai resident Bryce Beauchamp in mid 2014.