The Property Zoning

The property comprises a predominantly single level industrial building with a total gross floor area of circa 424m² providing a combination of workshop, office and yard space. It is currently occupied under 2 tenancies with Queenstown Upholstery and Queenstown Tyres.

Originally constructed in circa 1995 the property has undergone further development in 2002 with an extension to the east end of the building to provide additional office space. In 2005 the rear wall of the building was altered to increase the internal area of the two workshops.

Construction comprises predominantly of a concrete floor slab with a combination of steel portal and timber framed walls clad in a mix of corrugated steel and plywood cladding. The roof structure includes a curved roof element clad in corrugated steel with some area of clearlite roofing to improve natural lighting into the tenancies. Internal linings are a mix of plywood and gib-board with basic amenities to each of the tenancies.

Under the Proposed District Plan 835 Frankton Road has been rezoned from Low Density Residential to Business Mixed Use. The new Proposed District Plan is now beyond challenge and as such the new Business Mixed Use Zone is the only relevant planning document for the property to be assessed on.

The intention of this zone is to provide for complementary commercial, business, retail and residential uses that supplement the activities and services provided by town centres. Higher density living opportunities close to employment and recreational activities are also enabled. Significantly greater building heights are enabled in the business mixed use Zone in Queenstown, provided that high quality urban design outcomes are achieved.

The development of land at Frankton Marina (Sugar Lane) provides for a range of activities, while restricting the scale of office and retail activities so that the function and viability of the Queenstown Town Centre and Frankton commercial area are not undermined, to achieve a high quality environment that is compatible with its location adjacent to Frankton Marina, Lake Wakatipu and Frankton Road.

Some of the key Zone and Site Standards include:

• Maximum building coverage 75%

• Maximum building height 15m

• Following limits on office and retail activities at Frankton Marina apply:

• 1000m² GFA for retail activities and 300m² GFA for individual retail tenancies

• 1000m² GFA for office activities and 200m² GFA for individual office tenancies

Note:

• Retail limits do not apply to marine retail activities.

• It is the responsibility of interested parties to obtain their own independent advice on planning, zone and building relates activities for the property.