Otago's Cardrona Hotel up for sale

One of the country's oldest pubs, Central Otago's historic Cardrona Hotel, is on the market again.

Built in 1863, the Cardrona Hotel, on the Crown Range road between Wanaka and Queenstown, is one of the most recognised and photographed features of the area and was a backdrop to some of the Speight's beer adverts.

It is one of the last remaining occupied buildings of the Central Otago gold rush days.

Colliers broker Mark Simpson said the owners, Auckland-based company Complex Cardrona, had decided it was time to move on.

They had put the hotel on the market a couple of years ago but it was priced too high for the market then.

This time it was not listed with a price, but was expected to fetch between $3.5 million and $4m, he said.

The property occupies 6229sq m on four freehold titles.

Following upgrades it now comprises bars, a restaurant and 16 accommodation units. Cardrona Hotel is for sale by deadline private treaty, which closes on August 25.

- NZPA