5 Sutherland Lane | Queenstown Information Memorandum For Sale by Deadline Private Treaty closing 4pm Tuesday 20 September 2022 at Colliers (unless sold prior) Accelerating success.
This property is being offered For Sale by Deadline Private Treaty closing Tuesday 20 September 2022 at 4pm (unless sold prior). For further information about the sales process please see page 18. 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 www.colliersotago.co.nz/67020316registration. Colliers as sole agents, have been appointed to market for sale 5 Sutherland Lane, Frankton, Queenstown. Introduction Data room documents available: • Information Memorandum • Certificates of Title and Interests • Outgoing Schedule • 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. Mark Simpson +64 27 490 mark.simpson@colliers.com6394 James Valentine +64 21 777 james.valentine@colliers.com772 Rory O’Donnell +64 27 445 rory.odonnell@colliers.com3982
Executive Summary 3 Investment Highlights 6 Location 8 Zoning 9 Floor Plans 10 The Premises 11 Lease Terms 12 Rental Breakdown 12 Queenstown Industrial Market 14 Certificate of Title 16 Sales Process 18 Due DiligenceContents19
5 SUTHERLANDQUEENSTOWNLANE3Executive Summary ADDRESS 5 Sutherland Lane, Frankton, Queenstown 9300 DESCRIPTION A modern, functional warehouse well-positioned in the heart of the Frankton industrial area. Currently leased out to Ironman NZ Limited, with subleases to Mana Tahuna and Queenstown Trails Trust. TENURE Freehold LEGAL DESCRIPTION LOT 10 DP 521947 CERTIFICATE OF TITLE 826791 AREA 274m² NLA 352m² Land ZONING Industrial RENT INCOME $84,832 + GST + outgoings RATEABLE VALUE $1,750,000 (as at 1 Sept 2021) RENT REVIEWS 3% fixed annual increases, with market rent reviews on renewal dates (if exercised) SALES PROCESS For Sale by Deadline Private Treaty closing 20 September 2022 at 4pm (unless sold prior)
location indicative only
5 SUTHERLANDQUEENSTOWNLANE6Investment Highlights Returning $84,832 + GST annually + OPEX 274sqm NLA 352sqm land Scarce freehold property FULLY TENANTED INVESTMENT NET LETTABLE AREA TIGHTLY HELD AREA Near new constructedbuilding,in2019 MODERN WAREHOUSE Surrounded by a mixture of local and national operators QUALITY INDUSTRIAL TENANT MIX
Location
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 Sutherland Lane 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.
The property is situated on Sutherland Lane off Glenda Drive, which is the main vehicle route through the wellestablished, yet still expanding, Frankton Industrial Area. This industrial area caters to a mix of showroom, trade, automotive, food processing, and various other light industrial uses.
Zoning
location indicative only
Note: it is the responsibility of interested parties to undertake their own investigation in this regard.
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. For more information refer to www.qldc.govt.nz and/or an appropriate qualified Town Planner.
5 SUTHERLANDQUEENSTOWNLANE10 210 Hazeldean Road, Addington, Christchurch P O Box 8373 Christchurch New Zealand (03) 377 1546 admin@redfoxengineers.co.nz NOTES Proposed Building for Tuatara Structures at Lot 10, Glenda Drive Queenstown Structural Ground Floor Plan Scales: Designed: Drawn: Checked: Approved: Date: Project Drawing 16691 S200 1:50 @ A2 CK ML April 2019 Issue Date Comments 09.04.19 For Approval ALL DIMENSIONS TO BE CONFIRMED ON BY CONTRACTOR Bracing Details Each bracing element must be minimum the length shown on the bracing plan BL1 0.4m min length Gib Fyreline, refer F100 for thickness horizontal vertical to side of wall framing with panel hold-downs in accordance with 'Gib Ezybrace Systems August 2016'. GS1 0.4m min length Gib Fyreline, refer F100 for thickness horizontal vertical side of wall framing in accordance with 'Gib Ezybrace Systems August 2016'. BLG 0.4m min length Gib Fyreline, refer F100 for thickness horizontal or vertical to one side of wall framing and 10mm Gib plasterboard fixed horizontal or vertical to the other side, panel hold-downs in accordance with Ezybrace Systems August 2016'. 5470 02 7120 03 01 150 3754 140 1200 4710 150 3600w 4200h Roller shutter door 14900 12900 5425 90 7085 150 Up 90 410UB54 Portal leg 410UB54 Portal leg 410UB54 Portal leg 410UB54 Portal leg 200UB29 200UB29 310UB46 Portal leg 310UB46 Portal leg 150UC30 Wind Post 1 S400 4 S410 2 S400 3 S410 7211 B 7217 AC 5 S410 4.4m BL1 1.2m BLG 6.2m GS1 150 6 SHS 200UB29 140x45 SG8 Studs @ 600crs 140x45 SG8 Dwangs @ 600crs 140x45 SG8 studs @ 600crs 140x45 SG8 Dwangs @ 600crs 140x45 SG8 studs @ 300 crs 140x45 SG8 Dwangs @ 600crs 600200UB29 1233 23141085 1.2m BLG 150 90 45 SG8 H1.2 studs @ 600 90 x 45 SG8 H1.2 dwangs @ 900 crs 210 Hazeldean Road, Addington, Christchurch P O Box 8373 Christchurch New Zealand (03) 377 1546 admin@redfoxengineers.co.nz NOTES Scales: Designed: Drawn: Checked: Approved: Date: Project Drawing Issue 16691 S300 1 1:50 @ A2 CK MG April 2019 Issue Date Comments 1 15.04.19 For Approval ALL DIMENSIONS TO BE CONFIRMED ON SITE BY CONTRACTOR Proposed Building for Tuatara Structures at Lot 10, Glenda Drive Queenstown First Floor Plan 7211 B 7217 AC 5470 02 7120 03 01 150 8385 140 3600w 4200h Roller shutter door 14900 Office 1508385 140 1000 6075 2895 Down 1950 90 3385 90 4960 150 12900 Meeting Room Kitchen WC WC 90 2150 90 1.9m GS1 3.6m GS1 4.9m GS1 1.3m GS1 2.1m GS1 2.5m GS1 0.5m GS1 250/18 HST Joists @ 600 CRS 1 row of speed brace 250/18 HST Joists @ 350 CRS, 1 of speed brace 250/18 HST Joists @ 350 CRS 1 of speed brace Bracing Details Each bracing element must be a minimum the length shown the bracing plan GS1 0.4m min length 10mm min Gib plasterboard fixed horizontal vertical to side of wall framing in accordance with 'Gib Ezybrace Systems August 2016'. 140x45 SG8 Studs @ 600crs 140x45 SG8 Dwangs @ 600crs 140x45 SG8 studs @ 600crs 140x45 SG8 Dwangs @ 600crs 140x45 SG8 studs @ 300 crs 140x45 SG8 Dwangs @ 600crs 2115 90 150 PLANFLOORFIRSTPLANFLOORGROUND Floor Plans
Built using tilt-slab on 3 sides of the building, the property also boasts a large roller door at the front of the waehouse, making it convenient for access in and out of the warehouse area.
Constructed in 2019, this modern warehouse boasts circa 151sqm of two-level office area alongside circa 105sqm of high-stud warehouse. Additionally, there are six car parks immediately in front of the property.
The office has been fitted out to a high standard, with large window frontage onto Sutherland Lane providing excellent natural light to the tenancies. There are also kitchenette, toilet and end-of-trip facilities available.
5 SUTHERLANDQUEENSTOWNLANE11The Premises
Size Warehouse 105 Office/amenities 151 Carparks 6 Total Rent $84,872.84 Premise Breakdown Lease Terms Annual Net Rent: $84,832 + GST + OPEX Commencement Date: 13 January 2020 Current term expiry: 12 January 2026 Initial Term: 6 years Renewal Periods: Two further rights of three years each Rent Reviews: 3% fixed increases annually, with market rent reviews on renewal (if exercised).
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. 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.
Queenstown
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.
MarketIndustrial
and
5 SUTHERLANDQUEENSTOWNLANE16Certificate of Title RECORD OF TITLE UNDER LAND TRANSFER ACT 2017 FREEHOLD Guaranteed Search Copy issued under Section 60 of the Land Transfer Act 2017 Identifier 826791 Land Registration District Otago Date Issued 10 August 2018 Prior References 377442 Estate Fee Simple Area 352 square metres more or less Legal Description Lot 10 Deposited Plan 521947 Registered Owners ARM One Hundred Thirty Five Limited Interests Appurtenant hereto is an easement for the installation of power cables and a maintenance access strip over part Sections 98, 99 and 100 Block I Shotover Survey District (GN 333152) created by Gazette Notice 333152 22.10.1968 at 10.59 am 7716084.1 Consent Notice pursuant to Section 221 Resource Management Act 1991 18.2.2008 at 9:00 am 11181116.2 Consent Notice pursuant to Section 221 Resource Management Act 1991 10.8.2018 at 4:41 pm
The easements created by Easement Instrument 11181116.5 are subject to Section 243 (a) Resource Management Act 1991
Subject to a right (in telecommunications computer over part marked J on DP 521947 in favour of Chorus New Zealand Limited created by Easement Instrument 11181116.3 10.8.2018 at 4:41 pm
The easements created by Easement Instrument 11181116.4 are subject to Section 243 (a) Resource Management Act 1991 Subject to a right (in gross) to convey electricity over part marked J on DP 521947 in favour of Aurora Energy Limited created by Easement Instrument 11181116.5 10.8.2018 at 4:41 pm
Subject to a right (in gross) to convey water and a right to drain water and sewage over part marked J on DP 521947 in favour of Queenstown Lakes District Council created by Easement Instrument 11181116.6 10.8.2018 at 4:41 pm
The easements created by Easement Instrument 11181116.6 are subject to Section 243 (a) Resource Management Act 1991 Land Covenant in Easement Instrument 11181116.7 10.8.2018 at 4:41 pm 11555168.1 Mortgage to Kiwibank Limited 19.9.2019 at 12:23 pm
media
gross) to convey
The easements created by Easement Instrument 11181116.3 are subject to Section 243 (a) Resource Management Act 1991 Subject to a right of way over part marked J on DP 521947 created by Easement Instrument 11181116.4 10.8.2018 at 4:41 Appurtenantpm hereto is a right of way created by Easement Instrument 11181116.4 10.8.2018 at 4:41 pm
5 SUTHERLANDQUEENSTOWNLANE17
• 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.
Deadline Private Treaty Sales Process
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.
How to make 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.
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.
• 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.
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.
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.
Offers to be submitted to Colliers Sole Agents by 4pm, 20 Septem ber 2022.
• 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.
5 SUTHERLANDQUEENSTOWNLANE19To 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 • Certificates of Title and Interests • Outgoing Schedule • Lease Documentation • Land Information Memorandum All enquiries, requests for information and arrangements for site inspections are to be directed to the Colliers sole agent: +64 27 445 rory.odonnell@colliers.com3982 Mark Simpson +64 27 490 mark.simpson@colliers.com6394 Due Diligence James Valentine +64 21 777 james.valentine@colliers.com772
5 Sutherland QueenstownLane FOR SALE BY DEADLINE PRIVATE TREATY closing 4pm, Tuesday 20 September 2022 (unless sold prior) Colliers, Top Floor, 10 Athol Street, colliersotago.co.nz/67020316Queenstown Rory O’Donnell +64 27 445 rory.odonnell@colliers.com3982 Mark Simpson +64 27 490 mark.simpson@colliers.com6394 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.
