Prime Queenstown CBD with upside

Colliers Otago is marketing a rare opportunity to acquire an absolute prime commercial property in the heart of downtown Queenstown, with dual frontage to both Lower Beach Street and Shotover Street. The building was originally built in the 1960s and comprises three retail sites on the ground floor and two levels of accommodation above, currently vacant and formerly occupied by YHA as a budget accommodation facility up until December 2021. Reception and access to the YHA space is from the ground floor on Shotover Street. The former YHA Tenancy remains fully fitted out with required admin, kitchen, bedroom, reception area chattels for easy continuation of backpacker use, either short or long-term, depending on development timetable.

The accommodation space is configured to provide ground floor reception, 15 bedrooms plus balcony on the first floor, and 15 bedrooms plus recreation lounge and kitchen on the second floor. The total current capacity is 30 bedrooms with 106 beds. There are two retail tenancies on the Lower Beach Street side of the building including Goldfields Jeweller and Goku Restaurant; and one on the Shotover Street side occupied by Super Liquor. The building enjoys stunning lake views from the two upper levels. Existing lease arrangements provide a good holding income with the ability for the new owner to add value through refurbishment and/or redevelopment.

Beach Street is a high foot traffic location, situated within the prime retail precinct with an excellent mix of international, national and local retail brands and provides one way vehicle traffic through to Earnslaw Park on the Queenstown Bay lakefront. Beach Street forms part of the Council’s $55m project to enhance the streetscape of core pedestrian areas into more attractive, functional and user-friendly walkways through the CBD. This key downtown project commenced in January 2021. Investment highlights for this property include:

• Absolute prime Queenstown CBD. Located opposite the lakefront.

• Rare 632sqm freehold CBD site.

• Stunning views of Lake Whakatipu and the surrounding alpine landscape.

• Frontage to both Shotover Street and Lower Beach Street.

• Existing holding income pending redevelopment. Previous accommodation tenancy fully fitted out with chattels, to re-lease short term.

• Queenstown Town Centre Zone allowing a range of redevelopment options.

Sale details:

Address: 49 Beach St, Queenstown Sale: Deadline Private Treaty closing April 7, 2022 at 4pm (unless sold Prior).

Size: Land 632m2 approx; building

1597m2 approx.

Agents:

Rory O’Donnell or Mary-Jo Hudson, Colliers Queenstown

Phone: Rory – 027 445 3982;

Mary-Jo – 021 667 880.

Email: rory.odonnell@colliers.com

maryjo.hudson@colliers.com Weblink: www.colliersotago.co.nz

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