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Property For Sale Or Rent: Beachfront Resort In Paradise!

Cook Islands

Main Road
Rarotonga
Rarotonga
Muri Beach 0
Cook Islands

Property for sale: $2,000,000 USD

Beachfront Resort For Sale in Rarotonga, Muri Beach Cook Islands

PRICE
The popular private resort, Shangri-La Beach Cottages on Muri Beach, Rarotonga, Cook Islands, is now for sale, as the owner is considering retirement. The listing price is NZ$3,000,000, which is approximately US$1,900,000.

PRICE
The popular private resort, Shangri-La Beach Cottages on Muri Beach, Rarotonga, Cook Islands, is now for sale, as the owner is considering retirement. The listing price is NZ$3,000,000, which is approximately US$1,900,000.

PROPERTY DETAILS
Shangri-La is a small private resort that occupies a prime beachfront section directly on beautiful Muri Beach, considered the nicest beach on Rarotonga. There are twelve deluxe cottages, a large swimming pool, office, and owner's deluxe beachfront two-story home. Five of the cottages are partial lagoon-view, and seven are garden cottages. This large property is 4544 sq. m., about 1.12 acres.

Although there are resorts and accommodations all around Rarotonga, Muri Beach is considered the top vacation spot. There are four little islets in the crystal-clear lagoon, and the best snorkeling on the island starts adjacent to Shangri-La. Several of the top island restaurants are in walking distance, as are shops, vehicle rentals, the Internet Cafe, the Sailing Club, and lagoon tours. All island tours stop at our entrance on the main road.

THE COTTAGES
The cottages are all fairly new, built between 1999 and 2004, and have been well-maintained. All are of solidly-built wood-frame construction. Each of the twelve cottages has all of the following features:
air-conditioning
deluxe two-person Jacuzzi spa bath; separate tiled shower; hair-dryer
lounge/living room with TV and DVD player
semi-enclosed bedroom with deluxe queen-sized bed, AM/FM clock radio
kitchenette with large fridge, microwave oven, cooktop, toaster, electric jug, cutlery and cookware
private phone
ceiling fans
fully-screened doors and windows
patio table, chairs, and sunloungers
solar roof-top water heater with booster element
flow-through roof and ceiling vents

THE SWIMMING POOL
Our large freshwater pool, at 6 m x 12 m (20 ft x 40 ft), is one of the largest on the island. A state-of-the-art Poolrite chlorinator and sand filter keep it spotlessly clean at a reasonably low cost. Pool vacuuming and screening equipment is included.
There is a large tiled deck around the pool, with sunloungers, patio tables, chairs, and umbrellas. Two foot sprays let guests wash off beach sand before entering the pool, and this contributes to the low-cost upkeep of the pool.
All the pumps and filters are in a purpose-built pool house, which also doubles as a storage shed for the vacuuming equipment, lawnmower, weed trimmer, and other tools and maintenance items.

THE OFFICE
The fully-equipped office is connected to the Owner's Residence. Commute time is about ten seconds. It is air-conditioned, with modern computer, printer, fax, answering machine, phones, EFTPOS, and other usual office features.

THE OWNER'S RESIDENCE
With one of the best lagoon views on all of Rarotonga, this large two-story beachfront home sits about 6m (20 ft) from the white sands of beautiful Muri Beach.
The main level, which is connected by a hallway to the office, has a large lounge/living room, which is air-conditioned and has a satellite TV system included. A large beachfront veranda is just outside the lounge. The modern kitchen has a dishwasher, large fridge, electric oven, combo microwave/grill oven, etc. The main floor also has a small bedroom, and a bathroom with washing machine and dryer. The upper level has a large air-conditioned master bedroom with an attached balcony overlooking the lagoon, and a master bathroom. As with each cottage, a solar panel on the roof provides free hot water most of the year.

We are next to the best snorkeling area on Rarotonga, and we have complimentary snorkeling gear for all guests. Our kayaks are very popular with the guests, as there are four islets within a few minutes' paddle of us. We have sunloungers adjacent to the beach, under our large almond tree, and a nearby beach shower.

Tropical plants abound on the property, including banana, papaya, mango, coconut palms, breadfruit, hibiscus, gardenia, jasmine, bougainvillea and alamander. A large lawn fronts all the cottages on the T-shaped property.

The resort owns an older-model Mazda two-seater convertible sportscar, which is included in the price.

COOK ISLANDS FACTS
The Cook Islands are located in the heart of Polynesia in the South Pacific. They lie about 700 miles west of Tahiti, and about 1000 miles east of Samoa and Tonga. Hawaii is about 2500 miles north, New Zealand about 1800 miles to the southwest. The climate is tropical, similar to that of Hawaii and Tahiti.

Rarotonga is the largest of the 15 islands, and the main administrative centre. There is a large international airport that handles wide-body jets. There are about 17 flights a week, which connect Rarotonga with New Zealand, Los Angeles, Tahiti and Fiji. Onward connections to Australia and Europe are well-timed. The main carrier is the well-regarded Air New Zealand, and Pacific Blue---the low-cost carrier associated with Virgin Blue---now serves the Cooks from Australia and New Zealand.

The population of the Cooks is about 15,000, with about 9,000 living on Rarotonga. The main island has banks, ATM machines, and dozens of restaurants, shops and markets. There is a modern telephone and international communications system with internet and e-mail access. Everyone speaks English, which is the official language, along with Cook Islands Maori. It is a stable self-governing democracy in free association with New Zealand, and a member of the British Commonwealth. The people are very friendly, with a vibrant local culture of dance, music, and crafts. There is a low crime rate.

INVESTMENT OVERVIEW
Land is leased on a 60-year basis. The initial purchase of the goodwill is followed by a nominal annual rent paid to the landowner. There are no government property taxes or "rates." Shangri-La's lease has approximately 51 years remaining on it. Leases must be reviewed by the Leases Approval Tribunal, and confirmed by the High Court.

Investment by foreigners is regulated by the Development Investment Board, commonly known as "DIB." Full details of their rules and regulations can be found via their website. It is generally a user-friendly process, with investors' backgrounds being checked. If you have a criminal record you will not be allowed to invest here. In summary, some economic areas are reserved for locals, and other areas, such as tourist accommodation, allow some investment by foreigners. In general, it is much easier to purchase an existing business than to establish a brand new one from scratch.

When a business is purchased, work permits are ordinarily issued by the Immigration Department in conjunction with the investment process. The Cooks have a company tax of 20%, and personal income taxes of between 20% and 30%, depending on income. There are local accountants that can help purchasers with tax issues. There are several local law firms that handle commercial matters, and we recommend that prospective purchasers consider engaging a local firm to help assist them in the purchase of a local business.

TOP

TOURISM IN THE COOK ISLANDS
Visitor numbers to the Cooks have grown from about 40,000 a decade ago to about 80,000 a year more recently. Projections show it reaching about 100,000 in the next few years.

From the 1970's until about the late 1990's the only way to market Cook Islands' accommodations overseas was through "wholesalers" and travel agents. These middlemen collectively take about 30-35% of what the guests pay to stay at an accommodation.

In the last several years the internet and e-mail have opened up new ways of marketing accommodations overseas, and Shangri-La has been in the forefront of this more lucrative "direct-booking only" system. With its continuing popularity assured by excellent reviews in Lonely Planet, Frommers, South Pacific Handbook and travel websites such as Trip Advisor and Lonely Planet Thorn Tree, as well as word-of-mouth by our loyal guests, Shangri-La has been able to avoid the high cost of working through wholesalers and travel agents. By only taking direct bookings we can keep our rates 35% to 50% below comparable properties, and also have a higher net return per night. This has been one of the keys to our success as an ongoing business.

Our goal has always been to provide deluxe accommodation at a moderate price. We seem to be succeeding at this, and as one former guest succinctly put it on the internet: "Shangri-La provides the best bang for the buck on the island!"

IF YOU ARE INTERESTED
Serious inquiries only. If you think you might be interested in purchasing Shangri-La, please contact us by e-mail. Please let us know a little about yourself, and what you are looking for in a lifestyle-type of investment. Thank you.

Property Summary

Offered by		Owner
Construction Year		1999
Area		1 Acres
Bedrooms		12
Bathrooms		12
Sleeps		24
Stories		1
Parking Spaces		12
Features		Furnished, Appliances, Pool, Patio, Ocean Waterfront, 12 Deluxe Cottages And Owner's Beachfront Residence Beachfront Resort In Paradise!,

Contact information

Contact person name		Elliot Smith
Phone numbers		682-22779 (Dial int'l access first)
Fax numbers		682-22775 (Dial int'l access first)
Website link		www.resortforsalecookislands.com