A complete redevelopment of the former Otematata Lakes Hotel is under way, which will include the freeholding and sale of its 47 one and two-bedroom apartments.
The 1960s-built complex will be rebranded Lakeside Resort.
The apartments become either private holiday accommodation or rental units.
Completion is due in stages between February and July next year.
Lakeside Resort's redevelopment is being carried out by Christchurch-based Otematata Investments, which was incorporated in May this year by 50:50 shareholders Warren and Carolynne Price.
Marketing agent Jeremy Kelleher, of Savills, said the apartments could be purchased for personal use, or rented out on behalf of owners by resort management as holiday accommodation, or a combination of both.
''Otematata is one of the country's best-kept secrets and offers golf, fishing, boating, water sports, hiking, hunting and mountain biking, among other activities,'' he said.
The 43, 30sqm one bedroom and four 58sqm two-bedroom units are self-contained, fully furnished with kitchens and bathrooms and for sale on freehold titles, at $115,000 and $125,000 respectively.
The 1.1ha resort has a restaurant and bar, backs on to the local golf course and is about 500m from Lake Aviemore and its boat ramp.
