CHANTILLY'S ON THE BAY FOR SALE - PORT VILA, VANUATU . FREEHOLD GOING CONCERN - AUD6.25M PLUS SAV & VAT (IF ANY)

This deluxe boutique international hotel sits on the edge of Fatumaru Bay, in Port Vila the capital of Vanuatu and is a convenient 5 minutes walk to the town centre. The property comprises 20 newly renovated rooms configured as 8 one-bedroom apartments on the first floor and 12 studio apartments on the second floor. All rooms along with the hotel's renovated swimming pool and conference room offer spectacular views of the bay.

 Its restaurant Tilly's, boasts a well established reputation for excellent a-la-carte dining and great service.  The hotel also hosts a Beauty Spa and a home decor retail shop on site.

Chantilly's Purchase Price of AU$6,250,000 includes the Freehold Going Concern: Hotel Building, Goodwill for the whole business, Commercial land lease (with Municipality), and all fixtures, plant and equipment for the hotel, kitchen and restaurant.  It does not include stock at value (for hotel and kitchen).  A full chattels list is available.

Adjacent Vacant Land Also Available: AU$950,000 plus VAT (if any).

All Room Facilities include:

 Queen Beds                                        Balconies with water views

Air Conditioning                                   Cable TV including movies

Direct dial telephone                           Hair dryers

Kitchen facilities                                  Broadband internet

Refurbishment

The rooms have recently been refurbished (Completed in December 2009).  This included the following work and new chattels:

New tiles throughout room, balcony and bathroom
New Plasma TVs
Couches recovered
New lighting, mirror and art work
Entire room painted inside
New coffee table, desk and chairs
New bench top
New Curtains
Hotel Facilities

Professional tour desk                        Swimming pool

Extensive DVD library                         Wireless broadband (in lobby area)

DVD/CD players                                 Jetty

Managers Apartment

The site has a separate 2 bedroom apartment, with a large living area, for use by the manager.

Tilly's Restaurant

Recently refurbished in July 2008, with the following work and new chattels added:-

New tiles throughout dining area inside and outside
New awnings on sea view
New dining chairs and cushions inside and outside
New lighting, and art work
Entire inside restaurant painted
New coffee table
New till system (Room master)
New linen (table cloths and napkins)
New uniforms
New communal dining table
 Conference Room

The Conference room Operation is owned and managed by the hotel.  The restaurant provides menu and catering options for users.  There is a half day and full day fee charged for this room.

Staff Details

Chantilly's on the Bay have a long standing, loyal and professional team.  There are 2 ex-pat staff members under management (General Manager and Executive Chef). 

Chattels List

To be provided.  This can be completed with vendor and potential purchaser once business goes under contract.  No equipment is leased, all chattels are owned (excluding smoke machine and EFTPOS terminals)

 Other Facilities (within the Hotel Complex)

The hotel receives rental income from three businesses who have leased floor space.

Platinum Beauty Spa

Platinum is privately owned and leases the premises off the Hotel.  It offers hair, nail and beauty treatment and massages.  It is one of Port Vila's leading Beauty Spas.

Design Inc

Design Inc is privately owned and leases the premises off the Hotel.  They offer interior design consultation and sell art and home ware and soft furnishings.

Vanuatu Property Valuations

VPV is privately owned and leases the premises off the Hotel.  They offer property valuations for residential and commercial property.

Opportunity to Strata Title

Extensive work has been carried out on the option to strata title the hotel.  This is available to the purchaser and the work completed includes drafts for the following documents:

Surveyed strata plan for all levels (Completed by Geomap)
Land Lease for Strata Titled Building
All draft documents for Body Corporate set up:  (EG. By Laws, Caretaking Agreement, Lease Agreement etc)
Calculations for Body Corporate Unit Entitlements
Financial calculations for Body Corp budget and operation costs
 Unit Sales:

Draft Agreement for Sale and Purchase
Sales and Marketing material for the sale of the strata titled units
Calculations for return to Investors on the various units (ROI)
 Business Lease 

There is currently no lease in place between the Hotel business and property.  The Company that owns the business also owns the building and does not charge a lease between the freehold and the going concern.

Adjacent Vacant Land Also Available: AU$950,000 plus VAT (if any).

Also available to purchase is the vacant land between Chantilly's on the Bay and Moorings Hotel.  This is owned through a separate company.  There have been two different types of concept drawings and plans done for this land that incorporate apartment and retail lots.  These can be supplied upon request.  A copy of the land lease with the Municipality is also available upon request. 

INFORMATION ON VANUATU

Tourism Statistics for Vanuatu

 (Vanuatu Statistics, 2008)

There are now just over 80,000 visitors a year to Vanuatu (81,345 2007, excluding Resident arrivals and Cruise ship visitors).  This has increased 19% from 2006 (68,179) and that was an increase of 10% from 2005 (62,123).  On top of these figures there is was an additional 85,000+ Visitors from cruise ships in 2007 and 2006.

These visitor numbers for 2007 are made up of holiday makers (63,325), visiting friends and relatives (6,162) and business travellers (10,838).

The main growth in the holiday maker market is coming from New Zealand (38% increase from 2006 to 2007) then Australia (17.5% increase from 2006 to 2007).  The incremental growth for the tourism industry will come from new flights into Port Vila.  These will include direct flights that have just started from Melbourne as well as additional flights added from Auckland, Sydney and Brisbane.

 The Islands and the People of Vanuatu

Vanuatu is an archipelago of 83 volcanic islands, situated in the South Pacific Ocean between Fiji and New Caledonia. Formerly known as the New Hebrides, Vanuatu was an Anglo-French Condominium from 1906 until independence in July 1980, when it became a self-governing republic and a member of the Commonwealth.

The beautiful islands of Vanuatu, such as Efate, Espiritu Santo, Malakula, Tanna, and Pentecost, offer a rich variety of business, sightseeing, recreational, and cultural opportunities. Efate is the most populated island and is home to the country's capital, Port Vila. Espiritu Santo is Vanuatu's largest island and boasts some of the world's best beaches and diving locations. Malakula is the most culturally and linguistically diverse island, where over thirty distinct languages are spoken. Tanna boasts the most accessible active volcano in the world. And, Pentecost is the home of the famous land diving ritual, the origin of bungee jumping.

Vanuatu is a multi-cultural society of approximately 200,000 citizens. The indigenous Ni-Vanuatu people are of Melanesian origin and account for the vast majority of the population. However, French, British, Australian, New Zealand, Vietnamese, Chinese, and other Pacific Island groups add to the islands' rich cultural diversity. Part of this cultural diversity is Vanuatu's linguistic diversity. Bislama is the national language, but daily activities and business is routinely conducted in Bislama, English, or French. In addition to these three dominant languages, there are over 110 local languages.

 Climate

The weather from May to October is the best that a tropical climate can offer. This is the dry season, known locally as winter, with temperatures around 23º C. June, July, and August is the coolest months, with the lowest humidity. The wet season runs from November to April; it's hot and humid, with temperatures up to 32º C, marked by periods of heavy rain.

 Visiting Vanuatu

When visiting Vanuatu you must have a return/onward ticket and a passport with at least four months validity remaining from the time of arrival. For stays up to 30 days, nationals of Commonwealth and EU countries do not require visas.

 Only a short three hour flight from Australia and New Zealand, Port Vila's international airport hosts airport regular flights from Sydney, Brisbane, Auckland, Noumea, and Nadi. In addition to the international airport, Port Vila also has a domestic airport that serves all of the major islands of Vanuatu.

 During your stay in Vanuatu, there are a several ways to get around. Cars and 4WD vehicles are available for hire at reasonable rates. Busses and taxis are a convenient and economical way to get around town. If you choose to drive, remember that driving in Vanuatu is on the right-hand side of the road.

 The Government and Legal System of Vanuatu

Vanuatu is governed by a republican political system headed by a president and prime minister. The President, whose duties are primarily ceremonial, is elected by a two-thirds majority of an electoral college consisting of 50 members of Parliament and the presidents of Regional Councils. The President serves a five-year term. The Prime Minister, who is the head of government, is elected by a majority vote of the Parliament. The Prime Minister in turn appoints the Council of Ministers; together the Prime Minister and the Council of Ministers constitute the executive branch of government.

 The legal system is based on English Law and adjudicated upon by the Supreme Court of Vanuatu.

 Financial Information on Vanuatu

Vanuatu is attractive to investors because of the country's solid infrastructure, stable government, and the government's proactive attitude towards foreign investment and taxation. Vanuatu offers high quality professional services and international banking to investors, while maintaining the "Island feel and lifestyle" of the Pacific.

As well as this, Vanuatu offers:

No Personal Income Tax
No Company Income Tax
No Capital Gains Tax
No Estate or Death Duties
No Tax On Interest Earned In Bank Accounts
No Tax Treaties With Other Countries
No Currency Exchange Controls
VAT of 12.5% Is Charged On Goods And Services
Property Transactions Contracted In Any Currency
Several Established International Banks, Solicitors Firms and Insurance Companies
The Right To Repatriate Investments, Guaranteed By Law
A Convenient Location In The Asia Pacific Region (+3 hours Hong Kong and Singapore, +1 hour Australia (EST), -1 hour New Zealand)
 Vanuatu has been enjoying steadily increasing capital gains from both the residential and commercial property markets. Other important sectors of the Vanuatu economy are tourism, light industry, agriculture, and activities of the financial centre. Principal exports are copra, beef and timber products.

Vanuatu's local currency is the Vatu (Vt). Australian dollars and credit cards are widely accepted in Port Vila; however the outer islands prefer Vatu. Bank accounts can be opened in a number of different major currencies.  There are branches of ANZ and Westpac banks in Port Vila, where currency can be exchanged from Monday to Friday. Technology available in Port Vila includes a mobile phone network and broadband Internet.