Corner Bannockburn & Felton Road Bannockburn | Central Otago Information Memorandum For Sale by Deadline Private Treaty closing Tuesday 11 October 2022 at 4pm
Introduction Colliers is pleased to offer a unique opportunity to purchase a 1.6338 hectare of development land with a recent Consent for the construction of 10 visitor accommodation units and a managers residence. This property is being offered For Sale by Deadline Private Treaty closing Tuesday 11 October 2022 at 4pm (unless sold prior). This information Memorandum provides preliminary information to assist interested parties with their assessment of the property. Further information can be accessed via an electronic data room at Colliers website link: colliersotago.co.nz/67020474 For further information please contact the nominated brokers; Colliers as sole agents, have been appointed to market for sale Corner Bannockburn & Felton Road, Central Otago. Barry Robertson +64 27 433 barry.robertson@colliers.com5941 Steve McIsaac +64 21 680 steve.mcisaac@colliers.com304
Executive3 Summary 4 Investment Highlights 5 Land Description 6 Location 9 Queenstown Market 10 Zoning 12 Certificate of Title 14 Sales Process 16 Due Diligence 19 Experts 20 Contents location indicative only
Vendor
Address Corner of Bannockburn & Felton Roads, Bannockburn, Central Otago
Legal Description Lot 1 DP 321504 Record of Title OT30/92 Tenure Freehold Site Area 1.6338ha Local Authority Central Otago District Council (CODC) Zone RU (RR) under CODC District Plan Rateable Value $495,000 as at 1 Sept 2019 Rates CODC $2,034 | ORC $200.35 Sales Process Deadline Private Treaty closing 4pm, Tuesday 11 October 2022
Summary This property comprises a 1.6338Ha site strategically located at the entrance to Bannockburn Village with frontages to both Bannockburn and Felton Roads. A recently received consent from the CODC allows for the construction of 10 visitor accommodation units and managers residence. Felton Road Limited
Executive Summary
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633 FRANKTON QUEENSTOWNROAD 5 Investment Highlights Developing tourism area based around cycle trails network Adjoins popular iconic Bannockburn Hotel Set amongst established viticulture precinct TOURISM VINEYARDSHOTELCorner site with two wide frontages GOOD ACCESS DEVELOPMENT OPTIONSVIEWS Consent for 10 accommodation units & managers residence Great Northerly views towards Bannockburn Inlet and surrounding vineyards
Cromwell/Bannockburn
Market
The strategic position of Cromwell as an access ‘pivot’ for the Queenstown and Wanaka markets with the availability of Industri al/ service land at reasonable prices and the significant Viticultur e and Horticulture development in the locality had meant significa nt increments in property values over the last decade. With it’s strategic location and proximity to Wanaka and Queenstown, Cromwell is becoming an important hub servicing the Lakes District and surr ounding Central Otago towns. Cromwell had benefited from (now historical, prior to March 2020 ) strong growth in Queenstown tourism and the property market. Significant price increases in the Queenstown residential proper ty market has seen home ownership become beyond the reach of a number of people. Some have left the district, but others have decided to relocate to Cromwell where residential housing is seen as more affordable option. A number of these people commute to Queenstown on a daily basis whilst others have found employment or relocated businesses to Cromwell. The permanent population is increasing, and this has boosted the local economy. Bannockburn has become increasingly popular as a residential and lifestyle settlement. Main attractions are the northerly expansive river, lake views and vineyard aspects. The township has also expanded as a result of the recently opened cycleway to Clyde and the impending cycle trail connections to Wanaka and Queenstown.
Tourism Central Otago has described this as another gold rush for the region with increased patronage of cafes, bars and accommodation providers across the Similarregion. numbers are being forecast upon the completion of the connection through to Gibbston Valley and Queenstown. This development site is uniquely positioned to take advantage of these trends being strategically located on the trail route.
Tourism Market
Bannockburn’s traditional tourism market which revolved around vineyard tours, tasting and dining has recently been boosted by the recently opened Dunstan Bike Trail to Clyde. This trail is part of a 600-kilometre network that will eventually link Queenstown to Dunedin. This involves linking the new Dunstan Trail with both the Central Otago Rail Trail and Clutha Gold and Roxborough trials which will eventually extend through to Dunedin. Resource consent applications have recently been lodge to complete the Bannockburn to Queenstown Trail and Cromwell to Wanaka link. An indication of the popularity of these developments is indicated with the record numbers of 84,000 users for the first year of the lake Dunstan Trail, against an initial feasibility estimate of only 7500.
This property is strategically located at the prominent intersection of Felton Road and Bannockburn Road at the entrance to the village. Bannockburn has grown from a gold mining settlement in the late 1800’s to a popular lifestyle settlement based around the established viticulture industry. The climate of Bannock burn epitomizes that of the Central Otago Wine Region and claims some of the highest temperatures and lowest rainfall in the area. Several internationally renowned vineyards including, Felton Road, Mt Difficulty and Carrick are amongst the ….. vineyards established here now. The village has a café, renowned gastro hotel and recreational amenities, including walking, cycling and boating.
Location Co r eL o gic NZ 0 50 100 150 200 250 2300 5 Met ers Other Se ected Properti Les sted Propert Ses old Propert Ses ubject Property © Copyr ight 2022 C or eLogic N Z Lim ited ( CoreLogi c) and i ts l icensors are the sol e and excl usi ve owners of thi s i m age
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Resource Management
The North facing almost rectangular shaped site has a frontage of 128.02m to Bannockburn Road, and irregular boundary totally 129.87 metres to Felton InRoad.contour the land is slightly below road level at the intersection, then rises in a series of terraces almost 30m to the southwest corner. A small triangular parcel of land on the southern side of the site will be subdivide from the title to provide access to the adjoining Bannockburn Hotel before settlement. Under the Central Otago District Operative District plan the property is shown as Rural, Rural Residential subzone (RU(RR)). This generally permits lifestyle development on sites averaging 2ha.
Land Description and
633 FRANKTON QUEENSTOWNROAD 11 Planning Map Created Date: 13/07/2022 Created Time: 11:08 AM Created By: anonymous Scale: Original1:2851Sheet Size A4 Projection: NZTM2000 The information displayed in the Geographic Information System (GIS) has been taken from Central Otago District Council’s (CODC) databases and maps. Digital map data sourced from Land Information New Zealand (LINZ). Licensed under the Creative Commons Attribution 4.0 International licence https://creativecommons.org/licenses/by/4.0/ It is made available in good faith but its accuracy or completeness is not guaranteed. CODC accepts no responsibility for incomplete or inaccurate information. If the information is relied on in support of a resource consent it should be verified independently. Bounds: 1298337.43246035,5000803.26523761297810.12697545,5000147.7166448
Resource Consent RC220167 was granted by Central Otago District Consent
Resource
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Certificate of Title
Land Registration District Otago Date Issued 18 December 2009 Prior References 85782 OT30/92 Estate Fee Simple Area 1.6338 hectares more or less Legal Description Lot 1 Deposited Plan 321504 and Part Section 9 Block I Cromwell Survey District Registered Owners Felton Road Limited Interests
RECORD OF TITLE UNDER LAND TRANSFER ACT 2017 FREEHOLDSearchCopy
Notice pursuant to Section 221 Resource Management Act 1991 10.7.2003 at 9:00 am (affects the land formerly contained in CT 85782) 10768858.2 Mortgage to Westpac New Zealand Limited 4.5.2017 at 2:20 pm
Subject to Section 8 Mining Act 1971 (affects the land formerly contained in CT 9B/829)
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Register Only Search Copy Dated 13/07/22 1:47 pm, Page of1 3Transaction ID 69715332 Client Reference acuebillas001
Subject to Section 5 Coal Mines Act 1979 (affects the land formerly contained in CT 9B/829) 645894 Compensation Certificate pursuant to Section 19 Public Works Act 1981 24.10.1985 at 9.24 am (affects the land formerly contained in CT 8230) 668767 Compensation Certificate pursuant to Section 19 Public Works Act 1981 3.12.1986 at 1.37 pm (affects the land formerly contained in CT 8230) 692221 Notice under Section 18 Public Works Act 1981 3.12.1987 at 9:11 am (affects the land formerly contained in CT 700249OT30/92)Notice pursuant to Section 23 Public Works Act 1981 14.4.1988 at 9:19 am (affects the land formerly contained in CT 5652458.2OT30/92)Consent
Identifier 508095
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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 prep are 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. 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.
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 tu rning up on the day and writing down what you’d like to pay. It’s worth doing full due diligenc e early to know your rights and obligations and to ensure you feel comfortable with the process
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How to make an offer:
• Talk to your Colliers Agent when formulating your offer. They can assist you in looking at comparable sales and provide information enabling you to mak e an offer you’re comfortable is the current market value.
• Read the contract. The ‘Sale and purchase agreement’ is the contract signed by th e potential purchaser at the time of submitting a deadline sale o ffer. If your offer is accepted, it will then be signed by the vendor and become a bin ding contract. It contains a legal description of the property and terms of settlement. We recommend you engage legal advice before presenting an offer.
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• 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 spe nd a large amount in advance when there is a chance your offer may not be selected. B alance is the key. Offers to be submitted to Colliers Sole Agents by 4pm, Tuesday 1 1 October 2022.
• Know the process. Talk to your Colliers Agent about exactly what will happen on and before the deadline sale closing day.
• 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 the contract, but bear in mind that a vendor may favour the most straightforward offer on the d ay.
• 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 properties which have sold recently that are a good com parison. Otherwise you could arrange for an independent valuation.
Due Diligence Due diligence material is available for download from a secure electronic data room operated by Colliers Otago at www.propertyfiles.co.nz/ Accessproperty/1BannockburnRoadtothedataroomwillbe provided upon acceptance of a confidentiality statement and Vendor approval. The following information is available in the data room: • Information Memorandum • Record of Title • LIM Report • Rating information • Boundary adjustment plan • Resource consent and plans • Sale & Purchase Agreement Additional information may be added from time to time.
Experts
Steve has over 25 years of knowledge and experience in the New Zealand property market, the last 15 years of which have been based in Queenstown, involved in the resort development and tourism sector.
Steve’s areas of specialisation are brokerage and consulting on tourism assets, along with development opportunities. His main geographic focus is in the South Island.
Commercial Broker | Sales Consultant
027 433 5941
021 680 304 Professional Summary
With over 45 years' property experience, the last 35 of which have been focused around the Wakatipu Basin, Barry is one of Queenstown's most experienced property professionals.
Areas Of Expertise
Steve McIsaacBarry Robertson Commercial Broker | Sales Consultant
Areas Of Expertise
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The Tourism team at Colliers International Queenstown have a thorough understanding of the market and performance of tourism assets to ensure that clients achieve true worth from their investments when it comes time to Locatedsell.in New Zealand’s Tourism capital, they know the value of top performing Tourism assets. Even though tourism is one of the major economic drivers of New Zealand, tourism assets are not normally top of mind when looking for either investment or development property. Therefore it is important that the true value of tourism assets is well understood to achieve the maximum value when selling in this unique market sector.
In 1985 Barry established himself in Queenstown, specialising in valuation and tourism properties ranging from motels/motor inns to 200+ room hotels and golf courses. Barry established the Bayley's Real Estate franchise office in Queenstown in 1999, and over the ensuing decade brokered some of the largest commercial and tourism sales in the region (totalling over $250m).
Business & Educational Background
Joining Colliers International in 2013, Barry works in combination with Steve McIsaac at the Queenstown office, brokering and consulting on tourism assets and developments across the South Island. Barry is a fellow of the Institute of Valuers, Associate of the Real Estate Institute of New Zealand (REINZ) and a member of the Royal Institute of Chartered Surveyors (RICS). Barry has also held positions at both a local and regional level for various educational and sporting organisations. Recently he stepped down after seven years as a Foundation Trustee on the Queenstown Lake’s Community Housing Trust.
boundary indicative only
Steve McIsaac +64 21 680 steve.mcisaac@colliers.com304
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.
24 Top floor, 10 Athol Street, MondayQueenstown-Friday: 9am - 5pm colliersotago.co.nz Corner Bannockburn & Felton Road Central Otago FOR SALE BY DEADLINE PRIVATE TREATY closing 4pm, Tuesday 11 October colliersotago.co.nz/670204742022 Barry Robertson +64 27 433 barry.robertson@colliers.com5941
