42-54 Mull Street IM (6) by Colliers Otago

Information Memorandum

Glenorchy Hotel, 42-54 Mull Street, Glenorchy Deadline Sale: 3pm 27 October 2026 (unless sold prior)

Accelerating success.

INTRODUCTION

Colliers have been appointed exclusively to market for sale the freehold going concern interest of the Glenorchy Hotel, 42-54 Mull Street, Glenorchy.

The business and improvements are being offered For Sale by Deadline Private Treaty, closing 3pm 27 October 2026 (unless sold prior). This Information Memorandum provides preliminary information to assist interested parties with their assessment of the property. Further information is available on request. Documents available: Floor Plans Building Warrant of Fitness and Compliance Schedule Resource Consent documents LIMs Records of Title An accounts summary can be accessed upon registration and the signing of a Non-Disclosure Agreement and Vendor approval. All enquiries, requests for information and arrangements to undertake inspections in relation to this opportunity are to be directed to the listing agents below.

Doug Reid +64 27 431 3278 doug.reid@colliersotago.com

Alastair Wood +64 27 436 2422 alastair.wood@colliersotago.com

Contents

Executive Summary

Investment Highlights

Improvements Overview

Land Overview

The Business

Zoning

History of Glenorchy

Queenstown Market Overview

Method of Sale

Record of Title

42-54 Mull Street, Glenorchy

Executive Summary

ADDRESS

42-54 Mull Street, Glenorchy, 9372

DESCRIPTION

For sale is the Glenorchy Hotel that comprises a bar and restaurant plus accommodation facilities providing seven rooms, bathroom facilities and an office. There is also detached staff accommodation, a garage with attached laundry and bathroom facilities, various outbuildings, two small cabins also available for visitor accommodation plus a dwelling positioned on a separate title. The subject property is situated on the southern side of Mull Street and the eastern side of Argyle Street, centrally within the commercial precinct of Glenorchy Township.

TITLE INFORMATION

42-48 Mull Street:

OT10D/606 Section 1-3 and Section 26 Block V Town of Glenorchy Fee Simple 2,016 square metres more or less

50-54 Mull Street:

OT12D/564 Section 24-25 Block V Town of Glenorchy Fee Simple 1,012 square metres more or less

AREA

Land area: 3028 sqm more or less Main floor areas: Hotel: 460 sqm; Garage; 64 sqm; Dwelling: 119 sqm; Staff House: 70 sqm

Built

Hotel: Circa 1961 and extended substantially in 1970; Dwelling: Circa 1950s/60s and relocated to the present site at 1995; Staff House: Circa 1950s/60s and relocated to the present site at 1987.

LOCAL AUTHORITY

Queenstown Lake District Council (QLDC)

ZONING

QLDC Proposed District Plan: Settlement Zone Overlays: Wāhi Tūpuna Precincts: Commercial Precint and Vistor Accommodation Sub-Zone

RATEABLE VALUE

42-48 Mull Street: $2,050,000 50-54 Mull Street: $730,000

SALES PROCESS

For sale by Deadline Private Treaty, closing 3pm 27 October 2026 (unless sold prior)

42-54 Mull Street, Glenorchy

Investment Highlights Prime CBD Corner Location Positioned on a highly visible corner in the heart of Glenorchy with strong street frontage and ample parking.

Multiple Income Streams With accommodation and hospitality offerings, this is a flexible and diversified income-producing asset.

Generous Land Area Occupying 3,028m2 (more or less) of excellent central land within the beautiful Glenorchy township.

Profitable Business Established and profitable accommodation and hospitality business.

Further Development Potential Potential to expand the accommodation offering into the current parking area, or redevelopment of the existing buildings.

Glenorchy Tourism Market Demand is underpinned by a strong year-round tourism market with clear growth projections.

42-54 Mull Street, Glenorchy

The Improvements The improvements comprise of the hotel, which contains a bar, restaurant, commercial kitchen, guest accommodation, office and laundry facilities, as well as a small general store; two separate dwellings; and various outbuildings, including cabins providing further guest accommodation and a large garage.

The second dwelling is split over two-levels and consists of two bedrooms plus an office or third bedroom, measures 119m², and has also been relocated to the site in circa 1995. Cladding is a combination of cement board, timber weather board and solid plaster.

The hotel is built circa 1961, measures 460m², and has undergone various refurbishments and extensions over its lifespan. Accommodation consists of seven guest rooms, four with ensuites. The hotel is clad in a combination of Hardiflex (or similar) and solid plaster. The bar has been renovated and includes timber benchtops and an upgraded chiller.

Two cabins are located to the south of the hotel, which provide bunkbeds for additional guest accommodation. Adjoining additional cabins (leased / removable) when fully utilised can sleep 23 pax to combine to a total of 37 pax (hotel 14 pax).

The staff accommodation consists of a plaster-clad, 70m², single-level dwelling with four bedrooms and has been relocated to the site in circa 1987.

Located southeast of the hotel is a large double garage that incorporates a large single vehicle garage area as well a toilet/shower block and laundry.

Boundary Indicative Only

42-54 Mull Street, Glenorchy

The Land The property is spread over two titles totaling 3,028m². The combined site has a regular shape and has a northern frontage to Mull Street of approximately 75m and a western frontage to Argyle Street of approximately 40m. The lakefront is located a short distance, approximately 300m, to the east.

Mull Street is the main street of the Glenorchy township and runs off of the main arterial road connecting Glenorchy with Queenstown and the Glenorchy-Paradise Road. The township contains a small number of commerical offerings relating to tourism, accommodation and hospitality.

The land has a relatively level contour and obtains strong views to the surrounding mountains, especially of Mt Alfred and Mt Earnslaw to the north.

Glenorchy was established in the mid 1880s and has, largely, been a service town to the surronding farms and mining endeavours. Now, Glenorchy is a popular tourist destination and acts as an entry point for many of the Great Walks and other hiking tracks.

Vehicle access is provided from the northeast of the site with car parking for the hotel and dwelling. Separate access from the south west provides parking for the staff accommodation dwelling and the hotel kitchen.

42-54 Mull Street, Glenorchy

Glenorchy Hotel Business The original hotel “Mt Earnslaw Glenorchy Hotel” was established in 1880, located on the lake front. After it was destroyed by fire in 1959, it was rebuilt in the centre of town, with additions in stages over subsequent years. The Hotel offers a diversified income profile, underpinned by a well-established Bar, Restaurant, Café, year-round Beer Garden, accommodation rooms, and a range of cabins catering to short-stay visitors.

Staffing is supported by both Kiwis and Internationals, based on an established international recruitment model. Many seasonal team members returning home for the quieter winter period, then return for the Summer. The business benefiting from well-developed expertise in work visa processes offering continuity for incoming owners. The business is also an accredited Employer with Immigration NZ. The most recent chef recruitment campaign attracted 180 applicants, reflecting the hotels appeal as an employer.

A bottle store with an off- licence available until 11pm, and a small General Store and Information Centre is also located on the Hotel premises and forms part of the business.

Business continuity is reinforced by a 70kVA diesel generator, providing dependable backup power in the event of an outage, which automatically switches over if power is lost.

The diverse carpark also caters for self-contained campervans with campervan power connections, and plenty of off-street parking for jetboats and buses. Website: Home | Glenorchy Information Centre, New Zealand Operational efficiency is further enhanced by contemporary technology, including an H & L pointof-sale system.

The hotel enjoys a loyal local following within Glenorchy, complemented by regular patronage from Queenstown and the wider Otago and Southland regions plus the holiday homeowners from throughout New Zealand and Australia. Its appeal is further enhanced by repeat visitation from Jetboaters, fisherman, hikers , artists/photographers and walkers drawn to the areas exceptional natural setting.

Film crews are frequent and return customers of the hotel. The awe-inspiring scenery has formed the backdrop for films like Nania, The Hobbit and Lord of the Rings, the BBC television series in 2013 “Top Of The Lake” being filmed in and around Glenorchy with several scenes filmed in the Hotel. Other movies include X Men, Wolverine, Mission Impossible 2, Vertical Limit and the latest movie being ‘Heart of the Beast’ starring Brad Pitt.

The business performs strongly across most of the year, with only a brief quieter period typically occurring between mid-May and June. During the summer season, Glenorchy Road is estimated to carry approximately 1,000 to 3,000 vehicles per day, reinforcing the property’s exposure to passing visitor traffic.

Glenorchy’s soaring peaks, pristine lakes, glacial rivers, and ancient beech forests are a dream destination for outdoor adventures and day excursions, and is only a 45km scenic drive from Queenstown. (often compared to one of the top 10 best drives in New Zealand)

The Routeburn Track, one of the New Zealand’s Great Walks is accessed by passing through Glenorchy. Other walks such as the Greenstone and Caples Tracks plus the Rees and Dart Tracks can also be accessed from the town.

In February 2025, Glenorchy became the fifth Dark Sky Sanctuary in Aotearoa and the 23rd in the world.

42-54 Mull Street, Glenorchy

Zoning

Location Indicitave Only

Local Authority Queenstown Lakes District Council Planning Scheme Proposed District Plan Zoning Settlement Zone with Wāhi Tūpuna Overlay and Commerical Precinct and Visitor Accommodation Subzone Rules Commercial activities are a Controlled Activity, while Visitor Accommodation is a Restricted Discretionary activity. Maximum Building Coverage 80% Setbacks - Road 4.5m, other 2m Maximum height 7.0

Zone Overview The purpose of the Settlement Zone is to provide spatially well-defined areas of low density residential living, while maintaining their character and amenity values. To meet the day-to-day needs of residents and visitors and to support the local economy, limited commerical and visitor accomodation activites are encouraged to establish through the Commerical Precincts and Visitor Accomodation Subzones. The Wāhi Tūpuna overlay provides in assisting with the protection of Manawhenua values and the management of potential threats, so they can be clearly considered in desicion making.

42-54 Mull Street, Glenorchy

History of Glenorchy While there is no definitive record of when people first set foot in the Glenorchy Area, its story is one of long-standing human connection, shaped over centuries by exploration, settlement and enterprise. Following the extinction of the moa in the 16th century, Kati Mamoe moved into the southern mountains and, by the 18th century, had established a permanent presence in the Wakatipu district. Around the same period, Kai Tahu also migrated south, ultimately contesting and securing control of the mountainous landscapes and lakes that define the region today. European exploration of the district gathered momentum in the late 1850s. In 1857, Otago Chief Surveyor John Turnbull Thomson recorded the area in a series of watercolours while surveying land for pastoral development and future settlement. A year later, sheep farmer David McKellar explored the head of the Wakatipu Basin, and by 1860 William Gilbert Rees had stocked the Dart and Rees Valley flats with sheep. The earliest known settlement was a simple shepherd’s hut occupied by Alfred Duncan and George Simpson, employees of Grant Gammie and Rees, the original holders of the North Run.

The search for grazing country was soon followed by interest in gold, timber and access routes, with the Central Otago gold rushes of 1862 bringing a new wave of prospectors and activity into the wider district. Glenorchy township itself was surveyed in 1864 by G.M. Barr, although development remained modest for some time. Up until 1885, the township comprised little more than J.K. Birley’s hotel and store together with the headquarters of North Station. The 1870s marked the beginnings of Glenorchy’s visitor economy. A hotel established at Kinloch by R.C. Bryant introduced travellers to the area and to excursions around the Routeburn, prompting the later surveying of Kinloch township by A.D. Wilson in 1880. By the turn of the century, the head of the lake supported four hotels and two substantial guest houses, reflecting the district’s growing appeal to visitors. Walking, horse riding, camping and guided climbing were among the key attractions that drew people to the area.

In 1902, scheelite deposits in the Precipice and Bucklerburn areas, first noted during the gold rush era, helped drive the next phase of economic activity for the local community. The mineral, a source of tungsten, had important industrial applications including dye fixing, electrical filaments and steel production. For much of its early history, Glenorchy remained reliant on Lake Wakatipu for access, with only a bridle track, constructed around 1870, linking the settlement by land. A succession of steamships and launches, including the Ben Lomond, Jane Williams and Meteor, provided vital connection to the outside world. From 1912, the SS Earnslaw further strengthened that link, operating as a twin-screw steamer capable of carrying 1,035 passengers, 1,500 sheep, 70 head of cattle or 200 bales of wool.

Tourism also extended inland, with horse-drawn drays carrying visitors along the road to Paradise. The arrival of motor vehicles in 1912 aligned with the construction of bridges over the Rees, Twelve Mile and Earnslaw Burn, progressively improving access. Completion of the Glenorchy to Queenstown Road in 1962 marked a major turning point, reducing reliance on traditional tourist carriage and, in time, the lake steamer service. By 1974, the bridging of the Dart River delivered reliable all-weather access for residents of Kinloch and Routeburn, while also strengthening the district’s connection to trampers and visitors exploring the Routeburn Valley.

14 Source: Glenorchy Community History Page

42-54 Mull Street, Glenorchy

Market Overview

2025 Queenstown Airport

▲ Passenger Numbers Queenstown

Economic overview Queenstown and the wider locale continues to buck national trends and is a New Zealand tourism powerhouse, reflecting the region’s strong international and domestic appeal. Following the Covid-19 downturn, Queenstown has fully-recovered, showing strong and resilient demand across accommodation, construction, hospitality and tourism sectors.

2,717,258

Highest on record and over 13% up on pre-Covid levels

Tourism Contribution to

▲ Total Queenstown GDP

32.4%

Compared to 4.2% nationally

▲ 2025 Total Visitor Spend

$2.83 Billion Up from $2.76 Billion in 2024

38%

Proj. Population Growth

▲ over the Next 30 Years

81%

Compared to 16% nationally

Source: Queenstown Airport, StatsNZ & Infometrics

Queenstown

Hotel Overview Queenstown’s accommodation market is one of the strongest in New Zealand, driven by consistent international demand and year-round visitation. A wide range of accommodation types supports strong occupancy, while limited land supply constrains new development and places upward pressure on pricing. With the return of international visitors and growth continuing, well-postioned assets benefit from high demand and long-term growth potential. The Queenstown market consistently outperforms all other major hubs in New Zealand across key hotel performance metrics; recording the highest RevPAR, ADR and equal highest occupancy rate (with Christchurch) over 2025. Growth is predicted to continue and with the supply pipeline limited to a few high-end developments, these figures should see a strong growth trajectory over the comming years.

Key Metrics

Average Daily Rate (ADR) (YE-Dec 25)

$310 NZD

Up 5.3% from YE-Dec 24, compared to $230 nationally

Revenue Per Avaliable Room (RevPAR) (YE-Dec 25)

$232 NZD Up 5.9% from YE-Dec 24, compared to $156 nationally

Occupancy (YE-June 25)

75% Up 1% from YE-June 24

Total Guest Nights (YE-March 26)

4,783,800 Up 6.1% from YE-March 2025, compared to 4.2% nationally

International Visitor Numbers (YE-Dec 25)

10.5% ▲

From 2024 and are 39.8% higher than 2019 numbers

17 Source: CBRE, Colliers, Costar, Hotel Data New Zealand (HDNZ) & Infometrics

42-54 Mull Street, Glenorchy

Method of Sale

METHOD OF SALE

Deadline Sale A Deadline Sale is the process of purchasing real estate through confidential submitted written offers. If you want to buy a property by Deadline Sale, you prepare your best offer and send it to your agent to consider alongside any other offers the vendor gets at any point in the Deadline Sale campaign. 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 accept an offer at anytime before the Deadline Sale closes. Buying by Deadline Sale is a relatively simple process, with advantages for the buyer 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 homework to know your rights and obligations, to ensure you feel comfortable with the process. To help you better understand how Deadline Sales work, we’ve put 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 level at which you’re offering. It’s fine to put a finance clause into the contract, but bear in mind that a vendor may favour the most straightforward offer on the day. Read the contract. The ‘Sale and Purchase Agreement’ is the contract signed by the potential purchaser at the time of submitting a Deadline Sale 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, a list of chattels, terms of settlement and the possession date. It can be helpful to have a lawyer check through this for you. 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 estate Sales Consultant can refer you to similar homes which have sold recently that are a good comparison. Otherwise you could arrange for an independent valuation. How to make an offer: Know the process. Talk to your Colliers Agent about exactly what will happen on and before the Deadline Sale closing day. Talk to your Colliers Agent when formulating your offer. They can assist you in looking at comparable sales and provide information enabling you 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 selected. Balance is the key. 19

42-54 Mull Street, Glenorchy

Records of Title

OTD10D/606 - 42-48 Mull Street

Record of Title

OTD10D/606 - 42-48 Mull Street

Record of Title

OT12D/564 - 50-54 Mull Street

Record of Title

OT12D/564 - 50-54 Mull Street

Record of Title

Notes:

Queenstown Commerical

ALASTAIR WOOD Commercial Broker 027 4362 422

ALEX TUTTY Commercial Sales & Leasing Associate

ANNA RAWLING Commercial Broker 022 492 5700

JAMES VALENTINE Commercial Broker 021 777 772

MARY-JO HUDSON Commercial Broker 021 667 880

RORY O’DONNELL Commercial Broker 027 445 3982

SHAREE AITKEN Commercial Broker 022 010 0801

TIM THOMAS Commercial Broker 022 5433 210

MARK SIMPSON Commercial Broker 027 490 6394

Queenstown Residential

FRED BRAMWELL Director, Sales Consultant 021 435 694

RAYLENE MCQUEEN Business Manager 021 045 0813

ANNA WANG Sales Consultant 027 788 8696

BRENDAN QUILL Sales Consultant 021 416 785

CANDICE BUCHANAN Sales Consultant 027 630 1283

DOUG REID Sales Consultant 027 431 3278

EMMA LUPS Sales Consultant 027 428 5100

FLORENTYNA SUE Sales Consultant 027 921 5111

HUGH CLARK Sales Consultant 027 223 2997

JESSE JOHNSTON Sales Consultant 027 733 7755

LIZ AVERY Sales Consultant 027 594 9729

MARIA WYNDHAM Sales Consultant 021 997 522

MEI CHEN Sales Consultant 022 075 9847

NICOLE BELL Sales Consultant 021 898 326

PAULA GILMARTIN Sales Consultant 027 376 4395

RICHIE HEAP Sales Consultant 021 500 815

STEPHEN HEBBEND Sales Consultant 021 453 881

VERA STEWART Sales Consultant 021 059 6266

VICKY TOMICH Sales Consultant 021 0265 5093

POPPY THOMAS Sales Consultant 022 043 9935

ZACH HYLTON Sales Consultant 027 369 6805

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