7 Henry Street | Queenstown Information Memorandum For Sale at $4,000,000 plus GST (if any) Accelerating success.
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Colliers as sole agents, have been appointed to market for sale 7 Henry Street, Queenstown. Introduction Data room documents available: • Information Memorandum • Certificates of Title and Interests • IEP Report • Lease Documentation • Land Information Memorandum • Market Rent Assessment for vacant flat • 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. Steve McIsaac +64 21 680 304 steve.mcisaac@colliers.com Barry Robertson +64 27 433 5941 barry.robertson@colliers.com
This
is being offered For
at $4,000,000 plus GST (if any).
Information Memorandum provides preliminary information to assist interested parties with their assessment of the
Further information is available via an online
which can be accessed upon registration. www.colliersotago.co.nz/67021456
Executive Summary 3 Investment Highlights 6 Location 8 Zoning 9 The Building 10 Lease & Rental Schedule 12 Building Plan 14 Market Commentary 16 Zoning 18 Certificate of Title 19 Due Diligence 21 Contents
Executive Summary
ADDRESS 7 Henry Street, Queenstown 9300
DESCRIPTION
Situated on a prominent site fronting Henry Street, Central Queenstown, this quality built three level building, has a combination of commercial and residential tenancies, plus basement car parking.
VENDOR Skyview Magic Limited
TENURE Freehold
LEGAL DESCRIPTION Lot 8 Deposited Plan 8445
CERTIFICATE OF TITLE OT406/122
AREA 857m² Building area 491m² Site area (more or less)
ZONING High Density Residential - RM080071 for current building and use
CURRENT RENTAL INCOME $178,570
CAR PARKS 9 covered ground floor parks, 3 outside sealed parks
SALES PROCESS For Sale at $4,000,000 plus GST (if any)
7 HENRY STREET QUEENSTOWN 3
Investment Highlights
HIGH PROFILE LOCATION
Fronting Stage 1 of Queenstown’s Town Centre Arterial road and close to proposed new civic & cultural development.
STRATEGIC HOLDING
491m² freehold site with 857m² building.
VERSATILE BUILDING CONFIGURATION
Quality building, with potential for commercial uses on upper floors.
QUALITY BUILDING
7 Henry Street was constructed in 2009, of mainly concrete construction, with the structure designed for an extra floor plus a recent IEP assessment at 100%.
INCOME GROWTH
Established main tenant .
CATCHMENT OVERVIEW
Over $M85 of works are proposed in this commercial precinct including Stage 1 of the Town Centre Arterial project and CBD upgrades.
7 HENRY STREET QUEENSTOWN 6
LocationThe property is located at 7 Henry Street, a short arterial route between Ballarat Street and Gorge Road on the Northern periphery of Queenstown Town Centre.
Part of the frontage is subject to a Licence to Occupy and developed for vehicle access and landscaping.
Adjoining and adjacent uses include similar commercial buildings, hotels/hostels, and redevelopment properties.
Recently announced projects totaling over $M85.00 of central government funding are set to transform this area.
The Queenstown Town Centre Arterial is a key enabling project for the Queenstown Town Centre. Stage 1 will link Melbourne and Henry Streets, removing general traffic from Stanley Street and unlocking a range of other investments that will vastly improve the town centre experience for locals and visitors.
The project was recently included as a listed project in the new COVID-19 (Fast-track Consenting) Act 2020 meaning it is automatically eligible for a new fast track approval process instead of requiring authorisation under the Resource Management Act. QLDC was also awarded $50m to deliver Stage 1 of the Project as part of the Government’s nationwide package to aid the recovery from COVID-19. A further $15m will be contributed by the Council.
7 Henry Street will benefit from improved two-way access, street landscaping, as well as being part of Queenstown new main thoroughfare.
In addition, the first stage of a Town Centre street upgrade jointly funded by the Government’s ‘Shovel Ready’ fund ($35m) and Queenstown Lakes District Council ($25m), is due to commence this month, improving Beach Street, Brecon Street Rees Street and Park Street.
Another nearby project is Manawa, which is QLDC’s vision for a cultural and civic heart for the wider district located in central Queenstown. Located on Stanley Street in the Queenstown CBD, the goals of Project Manawa are to deliver a range of cultural and community facilities such as a community and arts spaces, a new dedicated library, a performance and visual arts centre, a town square, and commercial buildings, as well as the Council’s new administration building.
https://www.qldc.govt.nz/media/2lgpz10k/render-plan-arterial.pdf
location indicative only
The Building
Ground Level - Car Parking 369m²
Car parks - covered 9
Car parks - uncovered 3
First Level - Childcare
1st floor - Childcare Centre 235m²
Covered play area 32m²
Staff courtyard 10m²
External play area 139m²
Top Level - Apartments
Accommodation 118m²
Balcony 12.4m²
Accommodation 116m²
Balcony 11m²
Common (stairs, etc) 19m²
7 HENRY STREET QUEENSTOWN 10
BUILDING AND SERVICES SUMMARY
FOUNDATIONS
Concrete foundations and floor slabs.
EXTERNAL WALLS
ROOF
MAIN INTERIOR LININGS
JOINERY
ACCOMMODATION
Pre-cast concrete and Vertical cedar timber shiplap.
Flat roof with a butynol seal.
Painted plasterboard walls.
Double glazed aluminium window and door joinery throughout.
A purpose-built child care centre to the first floor having a play area room with kitchen, staff office, staffroom, sleeping room and toilet changing room. The child care centre opens directly to a covered outdoor play area. The first level is accessed with an enclosed stair case and lift. Two apartments to the top level each providing two bedroom, two bathroom plus study accommodation with open plan kitchen living and dining areas, opening to self-contained decks. The apartments are finished to a high quality standard including tiled floors to amenity areas, and a good standard of fixtures, fittings and chattels. Apartments have stair access only.
HEATING
PARKING
SITE DEVELOPMENT
The main source of heating is underfloor heating via a air to water heat pump system heating the floor slabs.
Nine covered basement car parks and three marked external car parks.
The existing site has been excavated and significantly retained providing base level covered car parking with sealed access and external car parking off Henry Street and an external play area to the rear, and landscaped gardens. The site is well fenced to three neighbouring boundaries designed and built to ensure acoustic noise is minimised from the childcare centre.
7 HENRY STREET QUEENSTOWN 11
CONDITION Quality construction , well maintained
CONDITION Quality construction , well maintained
INTERIOR
EXTERIOR
Lease & Rental Schedule
FIRST FLOOR
Tenant ACJ Early Childhood Care Group
Commencement 01.12.2014
Term 10 years Renewal 2 of 5 years Rental $98,000 effective 2019
Premises The ground floor, outdoor grounds & carparks, being 2 street level and 2 underground Business Use Early Childhood Education Centre & Car Parking
SECOND FLOOR
Apartment 1
Tenants Lucy-Jayne McCarthy, Rhona Cole, Melissa Holohan, Joshua Donnelly
Term 1 year Commencement 24th May 2022 Rent $680 per week
Apartment 2
Tenants Josh Hobbs, Gwendolyn Brown, Amee Freeman, Jonas Schmiegelow
Term 1 year Commencement 2nd August 2022
Rent $600 per week
CARPARKS
7 underground $2,000/annum
7 HENRY STREET QUEENSTOWN 12
INCOME SUMMARY Childcare Centre Building Rental $91,800 Drop off parks $1,000 3 $3,000 Basement Parks $1,600 2 $3,200 Sub-Total $98,000 Apartment 1 $680 $35,360 Apartment 2 $600 $31,200 Carparks $2,000 7 $14,000 TOTAL $178,560
Building Plan
Market Commentary
As Queenstown , and in particular the CBD, emerges from the impacts of Covid 19, we are seeing a return of confidence from investors in he medium to long term security and growth prospects of Queenstown’s Commercial Property sector.
Over the 2021-22 period there have been 8 sales on the CBD , ranging from $M2.700 to $M32.500, with a yield range of 3.54.0%, noting that some properties were under rented and/or provided potential partial redevelopment.
During 2022 we have seen a return of retail leasing activity and interest from quality tenants including Australian retail brands.
Central Queenstown commercial property is traditionally very tightly held with few properties coming to market.
Zoning
The property lies within the High Density Residential Zone of Queenstown (map 31) as defined by Queenstown Lakes District Council Operative District Plan. Resource Consent RM080071 was granted on 14/07/2009 for the development of the current building and use for a child care centre and apartments. For more information refer to www.qldc.govt.nz and/or an appropriate qualified Town Planner.
7 HENRY STREET QUEENSTOWN 18
Certificate of Title
RECORD OF TITLE
UNDER LAND TRANSFER ACT 2017 FREEHOLD Search Copy
Identifier OT406/122
Land Registration District Otago
Date Issued 18 December 1958
Prior References
OT322/174
Estate Fee Simple
Area 491 square metres more or less
Legal Description Lot 1 Deposited Plan 8445
Registered Owners Skyview Magic Limited
Interests
8368993.1 Mortgage to Bank of New Zealand - 19.2.2010 at 10:30 am
7 HENRY STREET QUEENSTOWN 19
7 HENRY STREET QUEENSTOWN 20
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.
• QLDC LIM
• IEP Report
• Leases
• License to Occupy
• New Arterial Road Plan
All enquiries, requests for information and arrangements for site inspections are to be directed to the Colliers sole agents:
Barry Robertson
+64 27 433 5941 barry.robertson@colliers.com
Steve McIsaac
+64 21 680 304 steve.mcisaac@colliers.com
7 HENRY STREET QUEENSTOWN 21
7 Henry Street Queenstown FOR SALE AT $4,000,000 plus GST (if any) www.colliersotago.co.nz/67021456 Steve McIsaac +64 21 680 304 steve.mcisaac@colliers.com Barry Robertson +64 27 433 5941 barry.robertson@colliers.com
for information purposes in order to assist interested parties in
advice
purport to contain all of the information that a prospective
investigation and analysis of the property and the data set out in
rely
the information in this Information Memorandum to
faith and
due care by Colliers,
Colliers
Information
liability for representations,
oral communication given
prospective purchaser
offer for sale
purchase
DISCLAIMER: This Information Memorandum has been prepared solely
making an initial evaluation of the property and does not constitute
nor
purchaser may require. In all cases interested parties must conduct their own
this Information Memorandum to satisfy themselves in all respects and not
on
make their purchasing decision. This Information Memorandum has been prepared in good
with
but neither
nor the Vendor accept responsibility hereunder for the accuracy of any part of the information contained in this
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
express or implied, contained in, or for omissions from, this Information Memorandum or any other written or
to any
in the course of their evaluation and/or offer. This Information Memorandum does not constitute an
or
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.
