45 Brookes Road - Information Memorandum

Introduction

Colliers as sole agents, have been appointed to market for sale

45 Brookes Road, Queenstown.

This property is being offered For Sale by Deadline Private Treaty closing Tuesday 23 April 2024 at 4pm (unless sold prior).

This information Memorandum provides preliminary information to assist interested parties with their assessment of the property. Further information is available via an online data room which can be accessed upon registration.

colliersotago.co.nz/67028165

Data room link: propertyfiles.co.nz/ property/45BrookesRoad

Data room documents available:

• Information Memorandum

• Lease

• LIM

• Record of Title & Interests

All enquiries, requests for information and arrangements to undertake inspections in relation to this opportunity are to be directed to the listing agent below.

Mark Simpson

+64 27 490 6394

mark.simpson@colliers.com

James Valentine

+64 21 777 772

james.valentine@colliers.com

Alan Pracy

+64 21 623 089

alan.pracy@colliers.com

Executive Summary

Investment Highlights

Development Opportunity

This vacant site is a blank canvas for owneroccupiers, developers, investors and land bankers alike

Regularly Shaped 2,325m² Site

Regular shape site providing flexibility for future development.

Tightly Held Area

Freehold industrial property offerings through Frankton are scarce - undeveloped sites with title issued in this zone, are scarcely available.

Strong Surrounding Trade Mix

Located in close proximity to major trade suppliers including Mitre10 Mega, Placemakers, Carters Building Supplies and ITM.

Land Bank with Income Opportunity

With a well-documented shortage of available industrial land in Frankton, there is an opportunity for land bankers to purchase this property and lease the site to a yard-based operator for holding income.

45 Brookes Road

Location

Well positioned as part of Frankton’s Shotover Industrial Park, 45 Brookes Road is located in trade-focused area with strong transport links to all the surrounding suburbs of Queenstown and the wider Lakes region. The surrounding tenant mix includes a number of national and local operators including PAK’nSAVE, Mitre10 Mega, Queenstown Airport Parking and a wide array of other trade businesses.

Frankton has established itself as Queenstown’s central trade hub. Given its ease of access to all surrounding areas of Queenstown, this area is highly desired by tenantsevidenced in significant rental growth and increase in land values as Queenstown has expanded. The industrial area caters to a mix of showroom, trade, automotive, food processing and other light industrial uses.

Glenda Drive is accessed via a large roundabout connecting to Hawthorne Drive which links to Glenda Drive and onto the north bound section of SH6. This extension provides a high quality eastern arterial connection to the large mixed use Remarkables Park and Queenstown International Airport to the south.

boundary indicative only

Zoning

Industrial Zone E1

The property lies within the Industrial E1 Zone of Queenstown (map 31) as defined by the Queenstown Lakes District Council Operative District Plan.

E1 Zoning Rules:

• Maximum site coverage of 80%

• 5m build setback from road boundaries, no setback from side and rear boundaries

Please note: It is the responsibility of interested parties to qualify and elaborate all relevant planning information noted above.

The Property

Comprising 2,325m² of vacant land with secure yard fencing, 45 Brookes Road is a blank canvas, presenting a range of options to a range of prospective purchasers. Whether the desire is to develop the site for businesses themselves, or for a tenant, or simply to invest and land bank with some holding income.

This regular shaped site has dual access with good frontage and access off Brookes Road, opposite the entrance to Mitre10 Mega. Frankton is the primary industrial trade hub for Queenstown.

Queenstown Industrial Market

The Queenstown industrial market has remained buoyant following the exceptional growth experienced over the period throughout 2019 - mid 2022. Where much of the rest of the country has seen turbulence amidst a rising interest rate environment, a complete lack of supply, of both leasing and sale stock, has meant that Queenstown has bucked national trends, with values still relatively stable.

With Industrial vacancy rates at less than 1% through Frankton, and having been this way since early 2021, we have seen significant rental growth in the industrial sector. This, alongside a lack of any new industrial stock coming online, sees rents continuing to rise. Closely linked to this, land values in Frankton have grown on a similar trajectory, evidenced by sale transactions in excess of $2,000/m².

Trades and tourism businesses continue to be the predominant tenants looking for space as they benefit from Queenstown’s post-pandemic years. Taking a longerterm view, we expect that population growth and a lack of available land will continue to drive demand through the Frankton industrial sector.

RECORD OF TITLE UNDER LAND TRANSFER ACT 2017 FREEHOLD

Guaranteed Search Copy issued under Section 60 of the Land Transfer Act 2017

formerly Section

459748)

Surrender of the land covenant in Easement Instrument 7098676.35 over Lot 1 DP 472825 marked YC, WA on DP 472825 and over Lot 2 DP 472825 marked LE,LH,LI,LJ,LK,LL,LM,LO,LP,LQ on DP 472825 appurtenant hereto10.6.2014 at 12:11 pm

10135189.12 Consent Notice pursuant to Section 221 Resource Management Act 1991 - 26.8.2015 at 10:47 am

Subject to a right (in gross) to transmit electricity over part marked V on DP 488377 in favour of Electricity Southland Limited created by Easement Instrument 10135189.31 - 26.8.2015 at 10:47 am

The easements created by Easement Instrument 10135189.31 are subject to Section 243 (a) Resource Management Act 1991

Land Covenant in Easement Instrument 10135189.35 - 26.8.2015 at 10:47 am

10135189.47 Encumbrance to Shotover Park Limited - 26.8.2015 at 10:47 am

Fencing Covenant in Transfer 10193191.3 - 28.9.2015 at 3:28 pm

12384303.1 Mortgage to Bank of New Zealand - 2.3.2022 at 8:14 am

Deadline Private Treaty Sales Process

A deadline sale is the process of purchasing real estate through confidential submitted written offers. If you want to buy a property by deadline sale, you prepare your best offer and send it to the vendor’s Agent to consider alongside any other offers the vendor receives at any point in the deadline sale campaign.

The property is offered for sale with no price, with a deadline by which offers need to be submitted on the basis that the vendors reserve the right to accept an offer at anytime before the deadline sale closes.

Buying by deadline sale is a relatively simple process, with advantages for the purchaser as well as for the vendor. However, it’s not simply a matter of turning up on the day and writing down what you’d like to pay. It’s worth doing full due diligence early to know your rights and obligations and to ensure you feel comfortable with the process .

To help you better understand how deadline sales work, we’ve put together a list of key things you’ll need to do before submitting an offer.

• Arrange finance. This is very important. You need to be comfortable with the level at which you’re offering. It’s fine to put a finance clause into the contract, but bear in mind that a vendor may favour the most straightforward offer on the d ay.

• Read the contract. The ‘Sale and purchase agreement’ is the contract signed by the potential purchaser at the time of submitting a deadline sale offer. If your offer is accepted, it will then be signed by the vendor and become a binding contract. It contains a legal description of the property and terms of settlement. We recommend you engage legal advice before presenting an offer.

• Know the value. If you have been studying the market, you may have a good idea of what the property is worth. If you need help, your real estate Sales Consultant can refer you to similar properties which have sold recently that are a good comparison. Otherwise you could arrange for an independent valuation.

How to make an offer:

• Know the process. Talk to your Colliers Agent about exactly what will happen on and before the deadline sale closing day.

• Talk to your Colliers Agent when formulating your offer. They can assist you in looking at comparable sales and provide information enabling you to make an offer you’re comfortable is the current market value.

• Consider your conditions carefully. Where possible it’s best to minimise the conditions on a deadline sale offer, however it’s also advisable to not spend a large amount in advance when there is a chance your offer may not be selected. B alance is the key.

Offers to be submitted to Colliers Sole Agents by 4pm, Tuesday 23 April 2024 (unless sold prior).

Due Diligence

To assist in the assessment of this offering, comprehensive due diligence information is available via a secure documents link. For access to all documents you will be required to register in the dataroom.

• Information Memorandum

• Lease

• LIM

• Record of Title & Interests

All enquiries, requests for information and arrangements for site inspections are to be directed to the Colliers sole agent:

Mark Simpson

+64 27 490 6394

mark.simpson@colliers.com

Alan Pracy

+64 21 623 089

alan.pracy@colliers.com

James Valentine

+64 21 777 772

james.valentine@colliers.com