175B Glenda Drive - IM (Enquiries Over)

Introduction

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

Unit 2, 175 Glenda Drive, Queenstown.

This property is being offered for Enquiries

Over $1,250,000 + GST (if any).

For further information about the sales process please see page 22.

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/67023065

Data room link: propertyfiles.co.nz/ property/175BGlendaDrive

Data room documents available:

• Information Memorandum

• Certificates of Title and Interests

• Body Corporate documents

• Lease Documentation

• Land Information Memorandum

• 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

ADDRESS Unit 2, 175 Glenda Drive, Queenstown

DESCRIPTION

Two level mixed use commercial unit with six car parks. Tidy well-speced offices downstairs and accommodation option/ office options upstairs.

TENURE Stratum in Freehold (unit title)

LEGAL DESCRIPTION Unit 2A AU2 DP 342692 ON LOT 40 DP 328960

CERTIFICATE OF TITLE 175269

NET LETTABLE AREA 192m² (more or less)

RATEABLE VALUE

$1,050,000 (as at Sept 2021)

LOCAL AUTHORITY Queenstown Lakes District Council (QLDC)

ZONING Frankton Flats E1 Industrial Zone

RENT INCOME

$60,000 p.a. plus GST + Outgoings

TENANT The Builders.co.nz Limited

SALES PROCESS Enquiries Over $1,250,000 + GST (if any)

The Opportunity

Located at the entrance to the main Shotover Ridge development, Unit 2 175 Glenda Drive is part of a two property body corporate, enjoying excellent frontage onto the busy Glenda Drive with carparking to the road boundary. The property has a total floor area of 192m² (more or less).

There are 3 car parks at the front of the property which are associated with the unit, with the ability to stack these, thus creating 6 car parks for the tenant’s use.

There is an expiring lease in place to The Builders, which gives incoming purchasers flexibility as to how they want to utilise the building. For owner-occupiers, this gives them an opportunity to move into the property from January 2024, while receiving some holding income in the meantime. For investors, there is an opportunity to re-lease the property with more favourable lease terms.

Investment Highlights

MODERN PREMISES

A modern mixed use 2 level commercial premises

HIGH PROFILE LOCATION

Glenda Drive, Frankton location attractive for both owner/operators or investors

OCCUPY OR INVEST

1 year expiring lease allows flexibility for both owner/ occupiers or investors

GOOD ROAD FRONTAGE

Prominent frontage onto Glenda Drive

CARPARKING

Six stacked car parks at front of property

LOCATION

With convenient access to Queenstown’s main suburbs and surrounding areas, Glenda Drive has established itself as Queenstown’s main trade hub. The Shotover Ridge unit complex is well-positioned in the heart of this, with a range of industrial, commercial and residential tenancies operating from this site. The subject property boasts road frontage, giving it excellent exposure to passing traffic.

location indicative only

indicative only

Lease Summary

Tenant The Builders.co.nz Ltd

Net Rental $60,000 p.a. plus GST + Outgoings

Lease Term 1 Year term

Expiry Date 24 January 2024

Rights of Renewal Nil

Business Use

Commercial offices and any associated use under the QLDC District Plan

Note: There are subleases in place to Liddington Electrical (50% ground floor) and Coachline Properties on the first floor. More detail on this is available on request.

Queenstown’s Industrial and Commercial Market

Queenstown’s construction boom and return to tourism is continuing to underpin business growth and confidence for occupiers of industrial and commercial property.

There is a critical shortage of land available for industrial development.

Currently industrial and commercial property has the lowest vacancy rate on record with a shortage of industrial property for lease, and the high cost of construction of new buildings, resulting in rent increases.

Increases in land value are expected to continue due to lack of supply in immediate area.

Viability of new commercial and industrial properties is being challenged by increasing development costs.

Long term the ongoing population growth projections will result in a 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 UNIT TITLE

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

Identifier 175269

Land Registration District Otago

Date Issued 17 March 2005

Prior References 118208

Estate Stratum in Freehold

Legal Description Unit 2A and Accessory Unit 2 Deposited Plan 342692

Registered Owners Andrew Paul McRae and Angela Margaret Maxwell-McRae

Supplementary Record Sheet 209048

The above estates are subject to the reservations, restrictions, encumbrances, liens and interests noted below and on the relevant unit plan and supplementary record sheet

5948208.6 Encumbrance to Shotover Park Limited - 29.3.2004 at 9:00 am 10955805.2 Mortgage to ANZ Bank New Zealand Limited -

Due Diligence

To assist in the assessment of this opportunity, 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

• Body Corporate documents

• Lease Documentation

• Land Information Memorandum

• 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

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 (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.