234 Glenda Drive - Information Memorandum

234 Glenda Drive | Queenstown Information Memorandum For Sale at Asking Price $2,750,000 plus GST (if any)

Accelerating success.

Introduction Colliers as sole agents, have been appointed to market for sale 234 Glenda Drive, Queenstown.

This property is being offered For Sale at Asking Price $2,750,000 plus GST (if any).

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/67025709

Data room documents available: •

Information Memorandum

•

Lease

•

LIM

•

Record of Title & Interests

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 Tim Thomas +64 22 5433 210 tim.thomas@colliers.com

Contents Executive Summary

2

Investment Highlights

4

Location

6

Zoning

8

The Property

9

Rental Breakdown

11

Queenstown Industrial Market

12

Record of Title

14

Due Diligence

17

Executive Summary

234 GLENDA DRIVE QUEENSTOWN

ADDRESS

234 Glenda Drive, Queenstown

DESCRIPTION

This is an exceedingly rare opportunity to acquire one of Glenda Drive’s few remaining undeveloped sites. At 1,173m² this land parcel presents a range of opportunities for prospective purchasers. Whether it be an owner-occupier looking for their own premises, developers looking for their next project or land bankers looking for a holding income whilst realising capital gain, this property will appeal to a wide audience.

TENURE

Freehold (fee simple)

LEGAL DESCRIPTION

LOT 1 Deposited Plan 501603

CERTIFICATE OF TITLE

750068

AREA

Floor Area 11m² Land Area 1,173m² (more or less)

LOCAL AUTHORITY

Queenstown Lakes District Council (QLDC)

ZONING

Industrial Zone C

RENT INCOME

Contract Rent $120,000 p.a. plus GST + outgoings

TENANT

Starchch Limited (trading as EZU Car Rentals)

SALES PROCESS

For Sale at Asking Price $2,750,000 plus GST (if any)

3

234 GLENDA DRIVE QUEENSTOWN

Investment Highlights

Development Opportunity

Owner-Occupier Opportunity

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

With a short, expiring lease in place, there are options for owner-occupiers to purchase this property for themselves

Short -Term Holding Income

Tightly Held Area

Returning a net rental of $120,000 + GST to assist an incoming purchaser, expiring January 2024

Freehold industrial property offerings through Frankton are scarce - undeveloped sites in this area are even more rare

Strong Surrounding Trade Mix

Prominent Street Position

Located in close proximity to major trade suppliers including Plumbing World, Tilemax and Carters

Well positioned with strong street frontage onto Glenda Drive makes this property attractive to prospective tenants or owneroccupiers

4

234 GLENDA DRIVE QUEENSTOWN

5

Location Well positioned, one site off the corner of Hawthorne and Glenda Drive, 234 Glenda Drive has strong road front profile.

The surrounding tenant mix includes a number of local and national businesses such as Tilemax, Plumbing World, Carters Building Supplies and Queenstown Car Wash.

Glenda Drive has established itself as Queenstown’s central trade hub. Given its ease of access to all surrounding areas of Queenstown, this area is highly desired by tenants - evidenced in significant rental growth and increase in land values as Queenstown has expanded. The industrial area caters to a mix of showroom, trade, automotive, food processing and other light industrial uses.

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.

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.

234 GLENDA DRIVE QUEENSTOWN

7

location indicative only

234 GLENDA DRIVE QUEENSTOWN

Zoning Industrial Zone C The property lies within the Industrial C Zone of Queenstown (map 31) as defined by the Queenstown Lakes District Council Operative District Plan.

Please note: It is the responsibility of interested parties to qualify and elaborate all relevant planning information noted above.

8

234 GLENDA DRIVE QUEENSTOWN

The Property This is an opportunity for a range of prospective purchasers - the 1,173m² of industrial land presents itself to investors, developers, owner-occupiers and land bankers alike. There is an expiring lease in place to Starchch Limited (T/A EZU Car Rentals), with a final expiry date of 31 January 2024. The current lease is returning a net rent of $120,000 + GST. With strong road frontage onto Glenda Drive, there is an opportunity for investors or owneroccupiers to maximise the profile. The site presents by either promoting their own business or attracting tenants.

9

Rental Breakdown Net Rental

$120,000 p.a. plus GST

Lease Term

4.5 years

Rights of Renewal

N/A

Final Expiry

31 January 2024

Queenstown Industrial Market The Queenstown industrial market has remained buoyant following the exceptional growth experienced over the period throughout 2019 - mid 2022. Where much of the rest of the country has seen turbulence amidst a rising interest rate environment, a complete lack of supply, of both leasing and sale stock, has meant that Queenstown has bucked national trends, with values still relatively stable.

With Industrial vacancy rates at less than 1% through Frankton, and having been this way since early 2021, we have seen significant rental growth in the industrial sector.

This, alongside a lack of any new industrial stock coming online, sees rents continuing to rise. Closely linked to this, land values in Frankton have grown on a similar trajectory, evidenced by sale transactions north of $2,000/m².

Trades and tourism businesses continue to be the predominant tenants looking for space as they benefit from Queenstown’s post-pandemic years. Taking a longerterm view, we expect that population growth and a lack of available land will continue to drive demand through the Frankton industrial sector.

234 GLENDA DRIVE QUEENSTOWN

Record of Title

14

234 GLENDA DRIVE QUEENSTOWN

15

234 GLENDA DRIVE QUEENSTOWN

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

•

Lease

•

LIM

•

Record of Title & Interests

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

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

Tim Thomas +64 22 5433 210 tim.thomas@colliers.com

17

234 Glenda Drive Queenstown FOR SALE AT ASKING PRICE $2,750,000 PLUS GST (IF ANY)

colliersotago.co.nz/67025709

James Valentine

Tim Thomas

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

+64 22 5433 210 tim.thomas@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.