Land and Property known as
INTERESTED PARTIES are invited to tender for the sub-lease of the land and property and known as Sandyboyz Motel by Australia and New Zealand Banking Group Limited ("the Bank") as mortgagee in possession. The property is situated on Taufa’ahau Road, Nuku’alofa and described as Deed of Grant Book 19 Folio 29 occupied on an allotment basis.
The property is offered on a sub-lease basis, such sub-lease to expire on the 5th day of October 2034.
Details of the allotment property offered for sub-lease are as follows:
Deed of Grant:
Book 19 Folio 29
05 October 2034
Commercial / Residential
1 rood 33.1 perches
$1500 per annum
Property is offered on an "as is where is" basis. The building(s) comprised in the property offered for tender are subject to six separate tenancy agreements (which, upon information available to the bank are each held on a month to month to tenancy) with a total rental payable thereunder of $8600.00 per month.
The disposition of the land will be by way of sub lease and is subject to approval from the Minister of Lands, Survey and Natural Resources and the Cabinet of the Government of Tonga.
The highest or any tender need not necessarily be accepted.
Each bid is to be accompanied by a bank cheque for the amount of 10% of the bid lodged.
Deposits will be returned to the unsuccessful bidders on the third working day following the successful tenderer being determined.
All bids are to be treated as confidential by the Bank and by the Bidder.
The successful tenderer will be notified in writing and will be required, as a condition precedent, to pay a further 10% of the purchase price by bank cheque within five working days of being notified of the acceptance of their offer), and to enter into a formal agreement for the purchase of the property reflecting the terms of this tender and otherwise acceptable to the Bank. The final payment will be due within three working days of the granting of cabinet approval to the sub-lease of the land, upon which date the bank will grant possession of the property to the successful tenderer.
All costs required for the completion of the sub-lease such as stamp duty, registration fee etc. shall be borne by the successful bidder.
All bids will be deemed to be exclusive of consumption tax (if any), and any such tax will be payable by the successful the tenderer in addition to the purchase price.
The Bank will not be liable for any costs associated with the property after the granting of possession of the land and property to the successful tenderer except for any outstanding utilities cost incurred while the property was in the Bank's possession.
In the event that the necessary consents to the granting of the sub-lease to the successful tenderer are refused then all monies paid by the successful tenderer to the Bank will be refunded within 7 working days from the date the Bank is notified of the refusal of such consents.
All enquiries regarding inspection of the property should be directed to Fifita Vakalahi at the bank, phone 20-500.
Tenders close at 4.00pm on the 28th day of July 2017 and should be delivered in a sealed envelope marked "Sandyboyz Motel Tender” and addressed to:-
KINGDOM OF TONGA
Attn. Fifita Vakalahi
No tenders will be received or considered after this date.