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Retail Property

75 and 83 Gorge Road Queenstown, Queenstown Lakes District 9300

Sold on 9 Oct 2015
  • Building: 1,707m²
  • Land: 5,119m² (1.26 acres)
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Retail Property in Queenstown

MULTIPLE OPTIONS FOR QUEENSTOWN SITE

  • Building: 1,707m²
  • Land: 5,119m² (1.26 acres)

An exciting Queenstown project has had the green light, but needs new owners to take the next step. High tech plans to regenerate and revive the old Carters site on Gorge Road have obtained Resource Consent from Queenstown Lakes District Council (QLDC).

Short term leases in the existing structures are in place providing cashflow and there is no question that demand for commercial space, especially at ground level, this close to the CBD exceeds supply already, in a growing market.

QLDC's Engineering and Infrastructure Department statistics (September 2012) confirm an average 9864 traffic movements daily past the property, well over three million per annum. The significance of this will not be lost on retailers requiring showroom space, especially given the dual access (separate entry and exit), parking and manoeuvring space for both trucks and cars, and ample storage options. There are three immediately obvious options for a new owner to consider:

1. Continue to lease the existing structures as is and hold to take advantage of potential significant capital gain.

2. Carry out a simple renovation/rejuvenation and lease to a wide range of potential tenants who require both showroom and workshop or bulk storage facilities with ample and easy access and parking, all within a very short distance from the CBD. These may include car dealerships with workshops, furniture retailers, trade supply wholesale/retail with workshops, garden centre with landscaping suppliers and caf etc.

3. Take advantage of the considerable time and investment already made to potentially rejuvenate the entire Gorge Road area. The already Resource Consented Silo Precinct project, with a total site yield of 2,619sqm provides an exciting, retro industrial/warehouse-style mixture of retail and office space with ample parking.

Building:

1,707m²

Land:

5,119m² / 1.26 acres

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