Potential new hotel in northern Queenstown
A modern property with current income and development opportunities has come on to the market in Queenstown.
At 134 Gorge Rd, it is a multitenanted, double-storey building with a net lettable area of around
1180sq m on a freehold corner site of about 2142sq m.
The building, which is being marketed for sale by JLL agents Chris Harding and Nick Thompson, has parking for 35 vehicles and maintains three tenants providing an annual income of around $300,000.
Offers for the property close November 29. It is at the northern part of Queenstown, at the intersection of Bowen St and Gorge Rd. The surrounding area has a variety of retail and light industrial users.
JLL commercial sales and investment director Chris Harding says there is development on the horizon. “The property is earmarked for a change from Business Zone to Business Mixed-Use in the proposed district plan — a shift to a zone of greater potential with increased building height to
20m and visitor accommodation as of right,” said Harding.
“This means buyers are equipped with the options to purchase and hold for growth, or take advantage of redevelopment clauses in the current leases and develop now.”
In terms of development, the property comes equipped with a variety of different options including apartments, offices, retail, backpackers, or visitor accommodation.
JLL NZ hotels and hospitality director Nick Thompson says while the property provides consistent income now, it has huge potential.
“Due to the growing demand for accommodation in Queenstown the current owners have developed zone-compliant plans for a seven-storey hotel with basement level car parking,” says Thompson.
“The plans include a 140-room hotel, with ground floor retail, cafe tenancies, and meeting rooms and conference facilities on the top (6th floor). 56 parking spaces are proposed, including two disabled spaces, and three coach parks. A drop off area is also proposed on the site accessed off Bowen St.”