Lot 80 Purple Ash Avenue - Information Memorandum

Location and boundary indicative only

Lot 80 Purple Ash Avenue | Queenstown

For Sale by Deadline Private Treaty closing Thursday 6 June 2024 at 4pm (unless sold prior)

Colliers have been appointed as exclusive agents to market for sale Lot 80, Purple Ash Avenue, Queenstown.

This property is being offered For Sale by Deadline Private Treaty closing Thursday 6 June 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/67028576

Data room link: propertyfiles.co.nz/ property/PurpleAshAvenue

Data room documents available:

• Information Memorandum

• Planners Report

• LIM

• Record of Title

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

Mark Simpson +64 27 490 6394 mark.simpson@colliers.com

James Valentine +64 21 777 772 james.valentine@colliers.com

Executive Summary

South-East view from site

ADDRESS Lot 80 Purple Ash Avenue, Queenstown

DESCRIPTION

TENURE

A vacant site one lot in from the corner of Hawthorne Drive and Purple Ash Avenue, with good profile and access, providing developers a blank canvas to work with.

Freehold (fee simple)

LEGAL DESCRIPTION LOT 80 DP 577772

CERTIFICATE OF TITLE 1067028

AREA

LOCAL AUTHORITY

ZONING

RATEABLE VALUE

SALES PROCESS

2,200m² (more or less)

Queenstown Lakes District Council (QLDC)

Remarkables Park - Commercial / Recreational Zone

$2,850,000 (as at Sept 2021)

For Sale by Deadline Private Treaty closing Thursday 6 June 2024 at 4pm (unless sold prior)

Investment Highlights

Development Opportunity

This vacant site is a blank canvas for owner-occupiers, developers, and land bank investors alike.

Prime Location

Located in close proximity to the Remarkables Park Town Centre & Queenstown International Airport.

Tightly Held Area

Freehold vacant land in Frankton Flats with title issued in this zone, are limited.

Owner Occupier Opportunity

The property is being sold with vacant possession, giving businesses the opportunity to secure their own premises in the tightly held Queenstown property market.

Location

Lot 80 Purple Ash Avenue is well positioned close to the Queenstown International Airport, Wakatipu High School and The Remarkables Park Town Centre and retail shopping area to the south. Nearby to the North is the Frankton Industrial hub of Glenda Drive and northern shopping precincts of Five Mile and Queenstown Central. The Frankton area has now established itself as Queenstown’s main commercial and trade hub. This coupled with its central access to the surrounding areas of Queenstown, means the location is highly desired by occupiers and investors.

There has been steady growth in the underlying rental and land values over the last decade, mostly due to a scarcity of land supply activated for development in the area.

Purple Ash Avenue is positioned as one of Frankton’s key future development areas, and is part of a new land subdivision within the Commercial Recreation area of the wider Remarkables Park Zone. As more sites in the immediate area begin to have titles issued and land uses consented, this area will continue to expand the commercial hub servicing the Queenstown-Lakes region.

Zoning

Commercial / Recreational Zone - Remarkables Park

Lot 80, Purple Ash Avenue is located within Activity Area 8 of the Remarkables Park Zone under the QLDC Operative District Plan. The purpose of this activity area is to provide a buffer between the airport and the surrounding developments. As part of the zoning map, sites within this area have been identified as being suitable for rural, recreational, infrastructure and parking.

Under this zoning, recreational and rural activities are permitted, with commercial recreation activities being controlled - which we see examples of in buildings such as the ones tenanted by Game Over and Basecamp Adventures. All buildings require resource consent and their design must be approved by the Remarkables Park Design Review Board. Commercial activities are non-complying, with industrial and service activities being prohibited.

The zoning permits for buildings to be built to 9m in height as a controlled activity, and there is discretionary activity to build up to 18m in height. There is no limit on building coverage, setbacks, and no minimum lot size.

While commercial activities are categorised as non-complying, there are a number of examples of consents being obtained on a non-notified basis. For more information on this, please refer to the planner’s report located in the property’s online data room.

We also draw purchasers attention to the legal covenants registered against the title (copies provided in the online data room) and recommend any interested parties obtain their own independent planning and legal advice in regards to their proposed use of the site prior to purchase.

The Property

Set one site back from the corner junction of Purple Ash Avenue and Hawthorne Drive, Lot 80 Purple Ash Avenue presents an opportunity for astute developers, occupiers, and investors to acquire a strategic site amidst one of Frankton’s newest development areas.

With a total area of 2,200m², the site has good road frontage onto Purple Ash Avenue, offering flexible development options (subject to appropriate legal and planning consents).

The land is level in contour and elevated off the road, slightly irregular in shape, and enjoying a good northern aspect.

Locations and boundaries indicative only

Lot 80

Wakatipu High School

Holiday Inn

Remarkables Park Town Centre

Queenstown Airport

Five Mile Retail Centre

Glenda Drive

Queenstown Market

Queenstown’s commercial property market continues to be underpinned by a lack of supply of land available for development and ongoing population growth, which is continuing to fuel the construction and tourism sectors.

This has seen land values in Frankton increase substantially over the last decade, particularly since 2019. Closely linked, we are seeing commercial and industrial vacancy rates throughout Queenstown at historic lows, as tenants with genuine business reasons to be based in the area struggling to find space.

This shortage of commercial/industrial land available for development, coupled with the high cost of construction of new buildings and the strong tenant demand has seen rents increase strongly and consistently over the past few years. Although we do expect this to slow as the costs make feasibility difficult for new development.

Queenstown initially weathered the slow down that hit the rest of the country in 2022/23, with the resilience reinforced by the shortage of available stock.

Despite this shift, we still consider the long term growth potential to be strong, supported by reported ongoing population and tourism growth. This will result in a continued demand for commercial and industrial property in the region.

RECORD OF TITLE UNDER LAND TRANSFER ACT 2017 FREEHOLD

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

Identifier 1067028

Land Registration District Otago

Date Issued 28 November 2022

Prior References 919057

Estate Fee Simple

Area

2200 square metres more or less

Legal Description Lot 80 Deposited Plan 577772

Registered Owners

Remarkable Motors Limited

Interests

Land Covenant in Deed 5285272.3 - 17.7.2002 at 9:00 am

Land Covenant in Easement Instrument 6642552.1 - 10.11.2005 at 9:00 am

Land Covenant in Easement Instrument 6863718.3 - 12.5.2006 at 11:15 am

Land Covenant in Easement Instrument 7067811.18 - 12.10.2006 at 9:00 am

7098676.2 Consent Notice pursuant to Section 221 Resource Management Act 1991 - 3.11.2006 at 9:00 am

Land Covenant in Easement Instrument 7098676.32 - 3.11.2006 at 9:00 am

Land Covenant in Easement Instrument 7098676.33 - 3.11.2006 at 9:00 am

Land Covenant in Easement Instrument 7098676.35 - 3.11.2006 at 9:00 am

Land Covenant in Transfer 7596490.2 - 31.10.2007 at 9:00 am

8931309.1 Notice pursuant to Section 18 Public Works Act 1981.- 1.12.2011 at 2:09 pm

9269612.1 Notice pursuant to Section 23 Public Works Act 1981 - 13.12.2012 at 3:08 pm

9705299.11 Surrender of Land Covenant 7098676.35 appurtenant hereto over Lot 1 DP 472825 marked YC and WA on DP 472825 and over Lot 2 DP 472825 marked LE, LH, LI, LJ, LK ,LL, LM, LO, LP and LQ on DP 472825 - 10.6.2014 at 12:11 pm

10093270.5 Encumbrance to Queenstown Lakes District Council - 19.6.2015 at 4:34 pm

10306102.2 Encumbrance to Queenstown Lakes District Council - 21.1.2016 at 4:32 pm

Appurtenant hereto is a right of way, a pedestrian right of way and a right to convey gas created by Easement Instrument 11714624.10 - 12.5.2020 at 4:24 pm

The easements created by Easement Instrument 11714624.10 are subject to Section 243 (a) Resource Management Act 1991

12121255.2 Court Order extinguishing land covenant created by Easement Instrument 6863718.3 as to Lots 27 and 94 DP 547946 - 14.5.2021 at 7:00 am

12620277.1 Revocation of Land Covenant created by Easement Instrument 7098676.32 as to RT 750070 - 28.11.2022 at 3:57 pm

12620277.2 Revocation of Land Covenant created by Easement Instrument 7098676.32 as to RT 750069 - 28.11.2022 at 3:57 pm

12620277.4 Consent Notice pursuant to Section 221 Resource Management Act 1991 - 28.11.2022 at 3:57 pm

Subject to a right (in gross) to drain sewage over part marked A on DP 577772 in favour of Queenstown Lakes District Council created by Easement Instrument 12620277.5 - 28.11.2022 at 3:57 pm

The easements created by Easement Instrument 12620277.5 are subject to Section 243 (a) Resource Management Act 1991 Fencing Covenant in Transfer 12630363.1 - 22.12.2022 at 7:39 am

Identifier 1067028

12630363.2 Encumbrance to Remarkables Park Limited - 22.12.2022 at 7:39 am

12630363.3 Mortgage Toyota Finance New Zealand Limited 22.12.2022 7:39

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, Thursday 6 June 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 data room: propertyfiles.co.nz/property/PurpleAshAvenue

• Information Memorandum

• Planners Report

• LIM

• Record of Title

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

Mark Simpson

+64 27 490 6394

mark.simpson@colliers.com

James Valentine

+64 21 777 772

james.valentine@colliers.com