16&18 Sir Tim Wallis Dr, Wanaka - ebook

Accelerating success. 16 & 18 Sir Tim Wallis Drive | Wānaka PRICE BY NEGOTIATION colliersotago.co.nz/67024263

Introduction 3 Executive Summary 4 Investment Highlights 5 Gallery 6 Location 12 Zone 14 Certificate of Title 16 Due Diligence 18 Contents 2

Introduction

Colliers have been appointed as sole agents to market for sale 16 & 18 Sir Tim Wallis Drive, Wānaka.

These properties (individually or combined) are being offered For Sale by Negotiation.

This is an outstanding opportunity to purchase two adjoining high profile sites situated on the main street of Three Parks, Wānaka.

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 available on request.

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

+64 27 577 9607

geoff.mcelrea@colliers.com

Data room documents available:

• Information Memorandum

• Certificates of Title and Interests

McElrea

3 Otago Realty (Wānaka) Ltd | Licensed REAA 2008

Executive Summary

ADDRESS 16 & 18 Sir Tim Wallis Drive, Wānaka

DESCRIPTION

The property comprises two regular shaped high profile freehold lots within the rapidly expanding Three Parks location. The sites have a combined total area of 1,780m2 with an extensive frontage to Sir Tim Wallis Drive totalling 46.6 metres. The properties are zoned business mixed use enabling a wide range of commercial, business, retail and residential uses.

TENURE Freehold

Lots 47 and 147 plus a 1/8th share of Lot 974 Deposited Plan 567411

LEGAL DESCRIPTION

Lots 46 and 146 plus a 1/8th share of Lot 974 Deposited Plan 567411

AREA 1,780m2 (more or less)

CERTIFICATES OF TITLE 1062791 and 1062792

ZONING Business Mixed Use Zone under the QLDC Proposed District Plan

RATEABLE VALUE $1,640,000 (combined) (as at 1 September 2021)

SALE PROCESS For sale by negotiation

4

HIGH PROFILE PROPERTY

PRIME LOCATION

Investment Highlights

REGULAR SHAPED FREEHOLD SITES

Situated on the main street of Three Parks, Wānaka

Prime location within the rapidly expanding Three Parks area

Regular shaped freehold sites with a combined area of 1,780m2 (more or less)

BUSINESS MIXED USE ZONE

DUAL ACCESS

SCALE OPPORTUNITY

Enables a wide range of commercial, business, retail and residential uses.

The sites benefit from dual access.

Combined sites allow for a larger scale development

5

7 Boundary line indicative only 16 18

9

Artist render only

13

The Location

The property is situated on Sir Tim Wallis Drive, the main thoroughfare in the Three Parks development. This is a high profile location within the rapidly developing Three Parks area that now includes New World, Mitre 10 Mega, Smith’s City and The Mountain Warehouse as key tenants along with The Warehouse and Noel Leeming under construction and soon to commence trading.

The subject property is surrounded by other similar sites, some that are currently in the process of being developed. There are numerous established businesses located to the rear of the subject sites and to the southern end of Three Parks.

State Highway 84 provides the main access into Wānaka which intersects Sir Tim Wallis Drive.

Wānaka township includes several supermarkets, a wide range of bars, cafés and restaurants, shopping, two medical centres, a number of pre-school and childcare facilities along with two primary schools and a secondary school. Wānaka is a popular holiday and tourist centre of high scenic value, having an attractive lake and mountain setting.

Wānaka’s permanent population has increased over recent years with many high net worth people taking their retirement within the area. Wānaka is a one hour drive northeast of Queenstown’s International Airport.

14

Boundary line indicative only

Location and boundary indicative only RECREATION CENTRE 15

Zoning

The property is zoned Business Mixed Use under the Queenstown Lakes District Council’s (QLDC) Proposed District Plan.

The purpose of this zone is to provide for complementary commercial, business, retail and residential uses that supplement the activities and services provided by town centres. Higher density living opportunities close to employment and recreational activities are also enabled.

• Permitted uses residential visitor accommodation and homestays, retail and office uses.

• Standards include a minimum setback from boundaries that adjoin a residential zone of 3m.

• Maximum Building coverage for all activities within any site shall be 75%.

• Maximum Building Height of 12m.

Dark purple = Three Parks Business Zone

Light purple = General Industrial and Service Zone

Dark red = Business Mixed Use Zone

16

Commercial Market Overview

There is good demand from investors for commercial/industrial property in Wānaka particularly for property with long term leases in place. There is also good demand for entry level commercial/industrial property for owner occupancy/investor purposes, including vacant land. Rents are on the increase and this trend is expected to continue, with rent reviews and new leases being negotiated at higher levels than pre-Covid.

Commercial/industrial yields generally sit between 4 - 6%. There have not been many recent transactions within Wānaka and with the higher cost of finance now, we are starting to witness a recalibration of commercial/industrial assets with yields softening from their peaks.

Business Mixed Use land values have grown significantly since the pandemic began, with recent transactions from around $1,000 to $1,575/sqm depending on the size and location of the properties.

There are very few titled vacant commercial/industrial sites currently available to purchase in Wānaka, particularly not owned by the Three Parks developers . There is also a shortage of supply of built industrial premises, with several planned developments looking for tenant commitment prior to commencing construction.

Current zoning is a further challenge to the industrial market, with Wānaka likely to experience a significant shortage of industrial premises in the long term unless more land is rezoned.

Certificate of Title

RECORD OF TITLE UNDER LAND TRANSFER ACT 2017 FREEHOLD

Search Copy

Identifier 1062791

Land Registration District Otago

Date Issued 16 November 2022

Prior References

1062305

Estate Fee Simple

Area 890 square metres more or less

Legal Description Lot 46,146 DepositedPlan 567411

Registered Owners

Fossil InvestmentsLimited

Estate Fee Simple - 1/8 share

Area 1272 square metres more or less

Legal Description Lot 974 DepositedPlan 567411

Registered Owners

Fossil InvestmentsLimited

Interests

Appurtenant heretois arightofway,aright to convey waterand aright todrainwaterand sewage created by Easement Instrument9928670.10-11.2.2015 at 5:00pm

The easementscreated by Easement Instrument9928670.10 aresubjecttoSection 243(a)Resource ManagementAct 1991

11674965.12 Consent Notice pursuant toSection 221Resource ManagementAct 1991-22.4.2020 at 6:04pm

Subject toSection 241(2)Resource ManagementAct 1991 (affects DP567411)

12599490.5 Consent Notice pursuant toSection 221Resource ManagementAct 1991-16.11.2022 at 4:39pm

Subject to aright (in gross) to convey waterand aright (in gross) todrain sewageoverpart Lot 974DP567411 marked Q onDP567411 in favourofQueenstown LakesDistrictCouncilcreated by Easement Instrument12599490.6-16.11.2022 at 4:39pm

The easementscreated by Easement Instrument12599490.6 aresubjecttoSection 243 (a) Resource ManagementAct 1991

Subject to aright (in gross) to convey telecommunications overpart Lot 974DP567411 marked QonDP567411 in favour ofChorus NewZealandLimitedcreated by Easement Instrument12599490.7-16.11.2022 at 4:39pm

The easementscreated by Easement Instrument12599490.7 aresubjecttoSection 243 (a) Resource ManagementAct 1991

Subject to a gaseasement(in gross)overpart Lot 974DP567411 marked QonDP567411 in favourof RockgasLimited created by Easement Instrument12599490.8-16.11.2022 at 4:39pm

The easementscreated by Easement Instrument12599490.8 aresubjecttoSection 243 (a) Resource ManagementAct 1991

Subject to aright (in gross) to convey electricity overpart Lot 974DP567411 marked QonDP567411 in favourof AuroraEnergy Limitedcreated by Easement Instrument12599490.9-16.11.2022 at 4:39pm

The easementscreated by Easement Instrument12599490.9 aresubjecttoSection 243 (a) Resource ManagementAct 1991

Transaction ID1116792

Client Reference ebianco001

Search Copy Dated 06/06/23 12:12 pm, Page of 15

Identifier 1062791

Subject to arightof wayand aright todrainwater overpart Lot 974DP567411 marked Q,a pedestrian rightof way over part Lot 46DP567411 marked H and aright toinstall,maintainandoperatestreelight overpart Lot 146DP567411

markedLJall onDP567411 created by Easement Instrument12599490.10-16.11.2022 at 4:39pm

Appurtenant toLot 975DP567411 is aright todrainwaterand aright toinstall,maintainandoperatestreetlight, appurtenant tolot 46DP567411 is a pedestrian rightof wayand appurtenant toLot 46,146 is arightof wayand aright to drainwatercreated by Easement Instrument12599490.10-16.11.2022 at 4:39pm

The easementscreated by Easement Instrument12599490.10 aresubjecttoSection 243 (a) Resource ManagementAct 1991

Land Covenant (in gross) in favourof LibertyLane OwnersGroupIncorporated created byCovenantInstrument 12599490.11-16.11.2022 at 4:39pm (affectsLot 46DP567411)

Land Covenant (in gross) in favourof WillowridgeDevelopmentsLimitedcreated byCovenantInstrument12599490.1316.11.2022 at 4:39pm

18

Register Only

Register Only Search Copy Dated 06/06/23 12:12 pm, Page of 25 Transaction ID1116792 Client Reference ebianco001

19 Identifier 1062791