161 Glenda Drive | Queenstown Information Memorandum For Sale by Deadline Private Treaty closing 4pm Friday 14 October 2022 at Colliers (unless sold prior) Accelerating success.
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For further information about the sales process please see page 18. information Memorandum provides preliminary information to interested parties with their assessment of the property. information is available via an online data room which can be accessed upon
This property is being offered For Sale by Deadline Private Treaty closing Friday October 2022 at 4pm (unless sold prior).
www.colliersotago.co.nz/67020637registration. Colliers as sole agents, have been appointed to market for sale 161 Glenda Drive, Frankton, Queenstown. Introduction Data room documents available: • Information Memorandum • Certificates of Title and Interests • IEP Report • Lease Documentation • Land Information Memorandum All enquiries, requests for information and arrangements to undertake inspections in relation to this opportunity are to be directed to the listing agent below. Alastair Wood +64 27 436 alastair.wood@colliers.com2422 James Valentine +64 21 777 james.valentine@colliers.com772
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Executive Summary 3 Investment Highlights 6 Location 8 Zoning 9 Tenancy Schedule 10 Rental Breakdown 12 Queenstown Industrial Market 14 Certificate of Title 16 Sales Process 18 Due DiligenceContents19
Executive Summary
161 GLENDA QUEENSTOWNDRIVE3
LEGAL DESCRIPTION Lot 36 Deposited Plan 513028
CERTIFICATE OF TITLE 791462
AREA
ZONING Industrial A Zone
TENURE Freehold
CONTRACT RENT INCOME $124,000 + GST + outgoings
ADDRESS
DESCRIPTION
781m² Building NLA 1,092m² Land
SALES PROCESS
A modern, functional warehouse wellpositioned in the heart of the Frankton industrial area. Fully tenanted with four separate tenancies.
For Sale by Deadline Private Treaty closing 14 October 2022 at 4pm (unless sold prior)
161 Glenda Drive, Frankton, Queenstown 9300
RATEABLE VALUE $ 3,250,000 (as at 1 Sept 2021)
location indicative only
FULLY TENANTED INVESTMENT
Market Rent Estimate $175,000 – $185,000 + OPEX + GST
Returning $124,000 + OPEX + GST annually
Scarce freehold property. Very low vacancy rates.
RENTAL UPSIDE
Good yard areas and accessibility car parking
GOOD YARD AREAS
TIGHTLY HELD AREA
Well built concrete panel exterior walls and low maintenance colorsteel facades QUALITY BUILD
161 GLENDA QUEENSTOWNDRIVE6
SPLIT RISK INVESTMENT
Four separate tenancies at affordable rents.
Investment Highlights
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 trade hubs.
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.
Glenda Drive is accessed via a large roundabout connecting to the new Hawthorne Drive extension 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 Zone and Queenstown International Airport.
location indicative only
For more information refer to www.qldc.govt.nz and/or an appropriate qualified Town Planner.
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.
Note: it is the responsibility of interested parties to undertake their own investigation in this regard.
Zoning
Tenancy Schedule
Rounded to contract rent $29,000 $38,220
Car parks 2 $1,200 $2,400 $1,400 $2,800
Rear Storage 46 $60 $2,760 $130 $5,980
Carparks 4 $1,200 $4,800 $1,400 $5,600
Rounded to contract rent $30,000 $53,400 TOTAL $124,000 $183,720
* ‘Total Market Rent’ is an estimate only, potential purchasers need to complete their own due diligence and seek independant advice.
Car parks 3 $1,200 $3,600 $1,400 $4,200 $32,000 $48,900
Car parks 3 $1,200 $3,600 $1,400 $4,200 $33,000 $43,200
B&B Interiors 1st Fl Office 156 $188 $29,400 $250 $39,000
Mezzanine 37 $110 $4,070 $140 $5,180
JoineryWakatipu Workshop 168 $135 $22,680 $180 $30,240
Stonewood GF Showroom / office 149 $191 $28,400 $300 $44,700
Resi Flat 66 $150 $9,900 $200 $13,200
AutomotiveLang Workshop 159 $80 $12,720 $180 $28,620
161 GLENDA QUEENSTOWNDRIVE10
Tenancy Use Area Contract$/m² ContractTotalRent Market$/m² MarketTotalRent
1
3 2*3yr 31
31
2 1*2yr
161 GLENDA QUEENSTOWNDRIVE11LeaseStart Termyrs Rights Renewalof CurrentTermExpiry ExpiryFinal ReviewNextDate Reviews 1 April 2021 3 2*3yr 312024March 312030March 12022April 2 yrly marketto 1 January2021 1 1*1yr 1 January2022 31 December2022
1 August2015 July 2024 July 2024 July 2023 to market February2021 21 2023January 21 2025January 21 2023January to market renewalson
1
Tenant LettableArea Ground Stonewood Homes 149 1st Floor B&B Interiors 156 Ground Wakatipu Joinery 205 Ground & 1st Floor Lang Automotive 271 Premise Breakdown
Construction boom continuing to underpin business growth and confidence for occupiers of industrial and commercial property. Critical shortage of land available for industrial development. Currently industrial and commercial property has the lowest vacancy rate on Shortagerecord. of industrial property for lease, and the high cost of construction of new buildings, resulting in rent increases. Increases in land values expected to continue due to lack of supply in immediate area.
Viability of new commercial and industrial properties being challenged by increasing development costs.
Queenstown MarketIndustrial
Long term the ongoing population growth projections will result in a continued demand for commercial and industrial space that will put pressure on rentals to rise.
Prior References 118205 51372
Land Covenant in Transfer 5949716.5 30.3.2004 at 9:00 am (Affects part formerly Lot 37 DP 328960) 5949716.7 Encumbrance to Shotover Park Limited 30.3.2004 at 9:00 am (Affects part formerly Lot 37 DP 328960) 11083437.5 Mortgage to Bank of New Zealand 13.6.2018 at 3:24 pm
Area 1092 square metres more or less
Land Covenant in Transfer 5714450.1 3.9.2003 at 9:00 am (Affects part formerly Lot 36 DP 313044)
Subject to a right (in gross) to convey gas over part marked X on DP 513028 in favour of Shotover Park Limited created by Easement Instrument 5882964.5 2.2.2004 at 9:00 am
Starfish Holdings (Queenstown) Limited
Interests
Identifier 791462
The easements created by Transfer 5007407.5 are subject to Section 243 (a) Resource Management Act 1991
Guaranteed Search Copy issued under Section 60 of the Land Transfer Act 2017
Subject to a right to convey gas in gross over part marked G on DP 513028 in favour of Shotover Park Limited created by Transfer 5547654.17 8.4.2003 at 9:00 am
5714450.3 Encumbrance to Shotover Park Limited 3.9.2003 at 9:00 am (Affects part formerly Lot 36 DP 313044)
Estate Fee Simple
Legal Description Lot 36 Deposited Plan 513028
Subject to a right to drain sewage in gross over parts marked G and X on DP 513028 in favour of Queenstown Lakes District Council created by Transfer 5007407.5 26.10.2000 at 9:00 am
Land Registration District Otago
Date Issued 13 June 2018
Certificate of Title
RECORD OF TITLE UNDER LAND TRANSFER ACT 2017 FREEHOLD
Registered Owners
161 GLENDA QUEENSTOWNDRIVE16
161 GLENDA QUEENSTOWNDRIVE17
Offers to be submitted to Colliers Sole Agents by 4pm, Friday 14 October 2022.
How to make 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 esta te Sales Consultant can refer you to similar properties which have sold recently that a re a good comparison. Otherwise you could arrange for an independent valuation.
• Read the contract. The ‘Sale and purchase agreement’ is the contract signed by the potential purchaser at the time of submitting a deadline sa le 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.
A deadline sale is the process of purchasing real estate throug h 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.
• Know the process. Talk to your Colliers Agent about exactly what will happen on and before the deadline sale closing day.
Deadline Private Treaty Sales Process
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 ac cept an offer at anytime before the deadline sale closes.
Buying by deadline sale is a relatively simple process, with ad vantages 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 pu t 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 le vel at which you’re offering. It’s fine to put a finance clause into t he contract, but bear in mind that a vendor may favour the most straightforward offer on the day.
• Talk to your Colliers Agent when formulating your offer. They can assist you in looking at comparable sales and provide information enabling yo u 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 s elected. Balance is the key.
• Information Memorandum
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.
• Certificates of Title and Interests
• Lease Documentation
+64 27 436 alastair.wood@colliers.com2422
James Valentine
All enquiries, requests for information and arrangements for site inspections are to be directed to the Colliers sole agent:
• Land Information Memorandum
+64 21 777 james.valentine@colliers.com772
161 GLENDA QUEENSTOWNDRIVE19
Alastair Wood
• IEP Report
Due Diligence
161 Glenda QueenstownDrive FOR SALE BY DEADLINE PRIVATE TREATY closing 4pm, Friday 14 October 2022 (unless sold prior) Colliers, Top Floor, 10 Athol Street, colliersotago.co.nz/67020637Queenstown Alastair Wood +64 27 436 alastair.wood@colliers.com2422 James Valentine +64 021 777 james.valentine@colliers.com772 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.
