The Queen­stown CBD re­tail site with rare va­cant pos­ses­sion

Sunday Star-Times - - MOTORING -

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.

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