Information
For
Accelerating success.
144 Glenda Drive | Queenstown
Memorandum
Sale by Negotiation
Introduction
Colliers as sole agents, have been appointed to market for sale
144 Glenda Drive, Frankton, Queenstown.
This property is being offered For Sale by Negotiation.
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.
www.colliersotago.co.nz/67020964
Data room documents available:
• Information Memorandum
• Certificates of Title and Interests
• IEP Report
• Lease Documentation
• Land Information Memorandum
• Market Rent Assessment for vacant flat
• Offer Documents
All enquiries, requests for information and arrangements to undertake inspections in relation to this opportunity are to be directed to the listing agent below.
James Valentine
+64 21 777 772
james.valentine@colliers.com
Mark Simpson
+64 27 490 6394
mark.simpson@colliers.com
Executive Summary 3 Investment Highlights 6 Location 8 Zoning 9 Tenancy Schedule 10 Premises Breakdown 12 Queenstown Industrial Market 14 Certificate of Title 16 Due Diligence 19 Contents
Executive Summary
ADDRESS 144 Glenda Drive, Frankton, Queenstown 9300
DESCRIPTION
A functional industrial property with future development potential. Comprising a 2 level building with 246sqm of lettable area and 600sqm of associated yard area.
TENURE Freehold
LEGAL DESCRIPTION
LOT 87 Deposited Plan 301681
CERTIFICATE OF TITLE 6946
AREA
246m² Building NLA 801m² Land
ZONING Industrial A Zone
CONTRACT RENT (GF + YARD)
ESTIMATED MARKET RENT (1ST FLOOR)
RATEABLE VALUE
$62,680 + GST + outgoings (excludes vacant residential flat)
$28,000 - $30,000 p.a. + GST + outgoings (1st floor assessed as commercial office)
$ 1,550,000 (as at 1 September 2021)
SALES PROCESS For Sale by Negotiation
144 GLENDA DRIVE QUEENSTOWN 3
location indicative only
Investment Highlights
TIGHTLY HELD AREA
Scarce freehold industrial property. Very low vacancy rates.
FUTURE DEVELOPMENT POTENTIAL
Circa 20% site coverage gives developers opportunities in the future
GOOD YARD AREA
Good yard areas, accessways and parking
SPLIT RISK INVESTMENT
Mixture of commercial and residential tenancies providing flexibility
RARE OPPORTUNITY
First time on the market in 21 years
PROMINENT PROPERTY
Excellent profile on Glenda Drive
144 GLENDA DRIVE QUEENSTOWN 6
Location
The property is prominently positioned on Frankton’s pre-eminent industrial street, Glenda Drive. Boasting road frontage and profile, the property benefits from exposure to one of Queenstown’s key trade hubs.
Glenda Drive is accessed via a large roundabout connecting Hawthorne Drive extension 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 Zone and Queenstown International Airport.
The geographically central location of Glenda Drive within the Wakatipu Basin, ensures it is easily accessible to Queenstown, Arrowtown and the Gibbston Valley. It will conveniently serve the CBD, the town’s major developments including Remarkables Park, Five Mile, Queenstown Central, and all existing suburbs such as Kelvin Heights, Quail Rise, Lake Hayes, Millbrook, Kawarau Falls Station and Jack’s Point.
Zoning
The property lies within the Industrial A Zone of Queenstown (map 31) as defined by Queenstown Lakes District Council Operative District Plan. This zone caters to a mix of showroom, retail, printing, automotive, food processing, and various other light industrial uses.
For more information refer to www.qldc.govt.nz and/or an appropriate qualified Town Planner.
Note: it is the responsibility of interested parties to undertake their own investigation in this regard.
location indicative only
Tenancy Schedule
Remarkables Towing LimitedGround Floor + Yard
Commencement Date 1 March 2016
Term Five year initial term, renewed on 1 March 2021 for a further 5 years
Expiry Date Final expiry 28 February 2026
Market Rent Reviews
Every second anniversary of the commencement date (and throughout renewal periods)
Contract Rent (GF + yard)
Current contract rent $62,680 + GST + outgoings
Estimated Market Rent (1st floor) $28,000 - $30,000 p.a. + GST + outgoings
Tenant Lettable Area GF Office Remarkables Towing 36.36m² GF Workshop Remarkables Towing 116m² 1st Floor Office/Flat Vacant 94.18m² Sealed Yard Remarkables Towing 324m² Unsealed Yard Remarkables Towing 276m² Total NLA 846.54m²
Premise Breakdown
Queenstown Industrial Market
As Queenstown recovers from the Covid pandemic years, there is a construction boom continuing to underpin business growth and confidence for occupiers of industrial and commercial property is continually increasing as the tourism market bounces back. There remains a critical shortage of land available for industrial development. Currently, industrial and commercial property has the lowest vacancy rate on record.
A shortage of industrial property for lease, and the high cost of construction of new buildings, are resulting in steady rent increases.
The viability of new commercial and industrial properties is therefore being challenged by increasing development costs.
Long term the ongoing population growth projections will result in continued demand for commercial and industrial space that will continue to put pressure on rentals to rise.
Certificate of Title
RECORD OF TITLE UNDER LAND TRANSFER ACT 2017
FREEHOLD
Guaranteed Search Copy issued under Section 60 of the Land Transfer Act 2017
Identifier 6946
Land Registration District Otago
Date Issued 28 March 2002
Prior References
OT19B/446
Estate Fee Simple Area 801 square metres more or less
Legal Description Lot 87 Deposited Plan 301681
Registered Owners Barbara Elizabeth von Tunzelman
Interests
Subject to a right to drain sewge in gross over part marked V & W on DP 301681 in favour of the Queenstown Lakes District Council created by Transfer 5007407.5 - 26.10.2000 at 9:00 am
The easements created by Transfer 5007407.5 are subject to Section 243 (a) Resource Management Act 1991
Subject to a right to convey gas in gross over parts marked U & V on DP 301681 in favour of Shotover Park Limited created by Transfer 5202556.2 - 29.4.2002 at 9:06 am
Land Covenant in Transfer 5202556.2 - 29.4.2002 at 9:06 am
5202556.5 Encumbrance to Shotover Park Limited Term 25 years from 24.4.2002 - 29.4.2002 at 9:06 am
8078300.2 Mortgage to Southland Building Society - 27.2.2009 at 3:08 pm
144 GLENDA DRIVE QUEENSTOWN 16
144 GLENDA DRIVE QUEENSTOWN 17 Identifier 6946 Identifier 6946
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
• Certificates of Title and Interests
• IEP Report
• Lease Documentation
• Land Information Memorandum
• Market Rent Assessment for vacant flat
• Offer Documents
All enquiries, requests for information and arrangements for site inspections are to be directed to the Colliers sole agents:
James Valentine +64 21 777 772 james.valentine@colliers.com
Mark Simpson
+64 27 490 6394
mark.simpson@colliers.com
144 GLENDA DRIVE QUEENSTOWN 19
21 777 772 james.valentine@colliers.com
DISCLAIMER: This Information Memorandum has been prepared solely for information purposes in order to assist interested parties in making an initial evaluation of the property and does not constitute advice nor purport to contain all of the information that a prospective purchaser may require. In all cases interested parties must conduct their own investigation and analysis of the property and the data set out in this Information Memorandum to satisfy themselves in all respects and not rely on the information in this Information Memorandum to make their purchasing decision. This Information Memorandum has been prepared in good faith and with due care by Colliers, but neither Colliers nor the Vendor accept responsibility hereunder for the accuracy of any part of the information contained in this Information Memorandum. Therefore the recipient/s of this Information Memorandum to the extent that they rely on the information contained herein do so entirely at their own risk. The Vendor and Colliers NZ Limited (and its brokers) expressly disclaim all liability for representations, express or implied, contained in, or for omissions from, this Information Memorandum or any other written or oral communication given to any prospective purchaser in the course of their evaluation and/or offer. This Information Memorandum does not constitute an offer for sale or purchase or otherwise.
Please be aware that Mortgagee Sales can present more risk to purchasers, we recommend you take advice from your lawyer in this respect.
Glenda Drive Queenstown FOR SALE BY NEGOTIATION
144
colliersotago.co.nz/67020964 Mark Simpson +64 27 490 6394 mark.simpson@colliers.com James Valentine +64
