The Queenstown CBD retail site with rare vacant possession
The Salvation Army is selling its Queenstown CBD premises and relocating to Frankton. The sale of their downtown property presents an incredibly rare opportunity to buy a prime CBD site in one of New Zealand’s most tightly held locations.
Colliers International has been exclusively appointed to market 29 Camp Street for sale by deadline private treaty closing at 4pm on Wednesday 28 November, unless it sells earlier.
The property, on a 190sq m freehold site, is available with vacant possession or a leaseback, providing flexibility and holding income for add-value investors, land bankers and developers.
It is being presented to the market by Mary-Jo Hudson, Rory O’Donnell, Alastair Wood and Mark Simpson of Colliers International’s Queenstown office.
Hudson says it is almost unheard of for a freehold property in Queenstown’s CBD to be offered to the open market with vacant possession.
“This is an exceptional opportunity to make your mark in one of New Zealand’s most sought-after commercial property markets,” she says.
“The property for sale comprises some 425sq m of gross floor space over three levels, with flexible configuration and access options.
“Built in 1991 and converted for use by The Salvation Army, the Town Centre zoned property provides multiple investment and redevelopment options. “Vacant possession offers the flexibility to upgrade and reconfigure the space for retail and commercial use, or to completely redevelop the site. “This would be a particularly attractive option for developers wishing to draw on a useful source of holding income while they plan to unlock the site’s potential.”
O’Donnell says the Queenstown Lakes District continues to be one of the fastest-growing regions in New Zealand.
“Supported by the expansion of Queenstown International Airport and the ongoing strength of the tourism sector, Queenstown remains New Zealand’s premier tourism destination. “At the same time, Queenstown’s abundant lifestyle and employment opportunities are attracting strong population growth. “Against this backdrop, the market demand for Queenstown commercial property remains robust. Assets within the CBD are especially sought after, despite recent growth in the Frankton area.
“The small, compact CBD remains Queenstown’s core pedestrian strip. It is home to many speciality stores, hospitality and tourism offerings, national and international retail brands, and all the major hotels. “Retail vacancy in the CBD is virtually nonexistent while ongoing demand is huge, with 50-200sq m tenancies particularly sought after.” Wood says the property for sale is superbly located on the north-eastern side of Camp Street, within Queenstown’s so-called ‘Golden Square’ of retail.
“Camp Street is home to a wide range of high-profile businesses including hospitality, banking, fashion, visitor accommodation and tourism retail.
“The highest foot traffic in the CBD is directly opposite this area, outside McDonald’s in O’Connells Shopping Centre.”
Simpson says the three-level commercial building provides a ground floor retail and showroom area, a first-floor office and an open plan mezzanine meeting room.
“The main stairwell links the ground and upper floors, with lift access between the ground and first floor only. Separate fire escape stairs link the first floor to the Camp Street frontage.
”With alteration, the building could be renovated to provide a new ground floor retail tenancy, with separate access to the first and second floor tenancies.”
The building is constructed of reinforced masonry blockwork walls, on-grade reinforced concrete slab foundations, ribbed in-fill floors, and a lightweight steel framed roof.
The ground floor has a net lettable area of about 155sq m. Kitchen and bathroom amenities are located to the rear.
The first floor has a net lettable area of 145sq m with partitioned meeting areas and kitchen and bathroom amenities.
The top floor comprises an open plan meeting room with a net lettable are of about 57sq m.