93 Tarbert Street Alexandra
Opportunity For Sale or Lease
Introduction
Colliers Otago have been appointed, as sole agents, to market 93 Tarbert Street, Alexandra.
The property is being offered For Sale or Lease.
This information Memorandum provides preliminary information to assist interested parties with their assessment of the property. Further information is available to qualified parties via an online data room upon request.
All enquiries, requests for information and arrangements to undertake inspections in relation to this opportunity are to be directed to the sole agents.
Steve McIsaac
Colliers Queenstown
+64 21 680 304
steve.mcisaac@colliers.com
Barry Robertson
Colliers Queenstown
+64 27 433 5941
barry.robertson@colliers.com
Executive Summary
Address
93 Tarbert Street, Alexandra, Central Otago
Vendor Medco Properties Limited
Tenure Freehold
Legal Description LOT 2 DP 8305 PT LOT 5 DP 12372 SECS 9-10 BLK XIII ALEXANDRA TN
Certificates of Title Reference 517288
Land Area 3,011m²
Building Rental Areas
Medical Centre - 689.20m²
Pharmacy - 85m²
Total Area - 774.2m²
Storage Building - 130m²
Zoned
Government Valuation
Rates
Business Resource Area
$2,570,000 (as at 1 Oct 2022)
CODC - $6,693.88 ORC - $688.89
The owner of the property is offering the market the opportunity to purchase the property outright or lease part or all of the property. The current occupiers are preplanned to exit the property in August 2024.
Investment Highlights
This building is offered for sale or for lease. It provides single storey premises which currently operate as a medical centre, and pharmacy, both with frontage to Tarbert Street.
ZONED BUSINESS RESOURCE AREA UNDER CODC DISTRICT PLAN
LEASE OPPORTUNITY FOR OFFICE/RETAIL TENANTS
REDEVELOPMENT POTENTIAL FOR ACCOMMODATION, HEALTH OR COMMERCIAL USES
LAND AREA OF 3,011M² BUILDING AREAS OF 904.2M²
AMPLE ONSITE PARKING
boundary indicative only
Alexandra’s Industrial and Commercial Market Alexandra’s Industrial & Commercial Market
The demand for investment properties within the Central Otago market (predominantly Cromwell and Alexandra) is limited by supply. While Cromwell has seen a noticeable increase in new industrial properties, commercial properties for sale or lease have been very limited. Sales of commercial properties have been attractive to investors as they generally offer higher returns from sitting tenants than commercial properties in Queenstown or Wanaka.
With the current cost of construction, commercial properties in Alexandra are generally upgraded when they change ownership. A number of commercial properties have developed along Tarbert Street and Centennial Avenue in recent years, expanding out from the CBD, while buildings within the CBD are being repurposed for a wider range of retail offerings.
In summary, Alexandra’s real estate market is generally stable, but it has not yet witnessed the significant surge in activity observed in other lo cations such as Cromwell, Queenstown, and Wanaka.
boundary indicative only
The Property
The property is located on State Highway 85, to the northeast of the CBD. This property contains a main commercial building tha t is largely subdivided to provide 19 consulting rooms with hand basins, two treatments rooms, acute triage with ambulance access, staff ame nities, sluice room, storerooms and toilet facilities, along with a separately accessed pharmacy which has its own toilet facility. The pharmacy is accessed from both the medical centre and the street frontage on Tarbert Street, while the medical centre main entrance is at t he rear of the building, accessed from the car park. Being located on the State Highway, and within walking distance from the town centre gives the premises good exposure to both foot and vehicle traffic.
The building is single level and is currently occupied by a med ical centre and a pharmacy. The building has a floor area of jus t over 775m² on a site of 3,011m² (approx.), which includes circa 35 car par ks and a stand alone garage of 130m².
The lot is mostly regular in shape and has a frontage to Tarber t Street of just over 40 metres, and a depth of 63 metres. The site extends along behind other properties on Tarbert Street in a southwest direction at a width of approximately 12.8 metres. This area is currently utilised as parking. The locality of the site offers good redeve lopment options in the long term or the ability to add further floor space.
The property is zoned Business Resource Area under the Central Otago District Council District Plan.
Location
The property lies in the heart of Alexandra on the Eastern arterial, Tarbert Street. Alexandra is located on the banks of the Clutha River (at the confluence of the Manuherikia River), on State Highway 8. It is 188 kilometres by road from Dunedin and 33 kilometres south of Cromwell, and services the growing rural and agri. business economy of Central Otago.
Alexandra is the service centre for a significant stone-fruit industry, which is celebrated by a blossom festival in the town each spring. Grape production is another major industry in the Central Otago Wine Region. Alexandra also boasts the world’s southernmost vineyard, Black Ridge and the extensive cycle trail networks of Dunstan and the Rail trail.
93 Tarbert Street
What’s on Offer
For Sale
The property is currently leased to a medical centre and pharmacy. The tenants are due to move to new premises in July/August 2024, when their leases will be at an end. There is the opportunity to benefit from the current annual rental of $269,154.00 for the remaining period until the tenants vacate the premises.
Consideration will be given to a joint venture outcome for re-purposing the building as well as an outright sale of the property.
The property owners are open to the property being leased to one or more parties.
Consideration will be given to dividing the main building into tenancy sizes that suit the market.
Future Potential Uses
With limited commercial space being available in Alexandra, the property offers conversion into professional offices, health related uses, worker accommodation and retail offerings. The on-site carparking is an added bonus, as is the storage building.
For Lease
Zoning
Territorial authority Central Otago District
Plan status
Zone
Operative
Business Resource Area
Zone description
This allows for a wide range of commercial land uses as permitted activities.
Extract from District Plan:
‘To enable the development of a wide range of activities within the Business Resource Area provided significant adverse effects are avoided, remedied or mitigated’.
Permitted activities
• Any activity that is not listed as either a controlled, discretionary (restricted), discretionary, or non-complying activity and that complies with the rules and standards set out in Sections 11 to 15 of this Plan and the standards set out in Rule 8.3.6 is a permitted activity.
• The District Plan does not list specific uses as Permitted Activities. We advise that investigation be made to ensure any future proposed use would be allowed on the site - either a Permitted Use or with Resource Consent.
Development controls
• Maximum height shall be 10m, no front yards are required·, no side or rear yards are required except where the site adjoins a residential resource area.
A copy of the Land Information Memorandum from CODC is available on request. We recommend that this document is reviewed if considering a purchase or lease of this property.
Record 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 517288
Land Registration District Otago
Date Issued 25 March 2010
Prior References
OT380/29 OT6D/918
Estate Fee Simple
Area 3011 square metres more or less
Legal Description Section 9-10 Block XIII Town of Alexandra and Lot 2 Deposited Plan 8305 and Part Lot 5 Deposited Plan 12372
Registered Owners
Medco Properties Limited
Interests
Subject to Section 351D (3) Municipal Corporations Act 1954 (Affects Sections 9 - 10 Block XIII Town of Alexandra and Part Lot 5 DP 12372)
Appurtenant to Part Lot 5 DP 12372 and Lot 2 DP 8305 herein is a right of way created by Transfer 373939 - 3.8.1971 at 12:08 pm
Some of the easements created by Transfer 373939 are subject to Section 351E (1) (a) Municipal Corporations Act 1954
8505792.1 Notification that a building consent issued pursuant to Section 72 Building Act 2004 identifies inundation as a natural hazard - 27.5.2010 at 1:39 pm
8505792.2 CERTIFICATE PURSUANT TO SECTION 77 BUILDING ACT 2004 THAT THIS COMPUTER REGISTER IS SUBJECT TO THE CONDITION IMPOSED UNDER SECTION 75(2) (AFFECTS SECTIONS 9 AND 10 BLOCK
XIII TOWN OF ALEXANDRA) - 27.5.2010 at 1:39 pm
12693996.1 Mortgage to Bank of New Zealand - 4.4.2023 at 1:48 pm
12693996.2 Mortgage to Olsen Forests Limited and to James Malcolm Macpherson and Susan Elizabeth Macpherson and to Martyn Ian Williamson, Elizabeth Mary Williamson and Avenue Trustees Limited in shares - 4.4.2023 at 1:48 pm
METHOD OF SALE
These assets are offered For Sale or Lease.
DUE DILIGENCE INFORMATION
To assist in the assessment of this offering, comprehensive due diligence information is available via an electronic data room. For access to all documents please see:
www.propertyfiles.co.nz/property/93TarbertSt
All enquiries, requests for Information and arrangements for inspection are to be directed to the sole agents, Colliers.
Steve McIsaac
Colliers Queenstown
+64 21 680 304
steve.mcisaac@colliers.com
Barry Robertson Colliers
+64 27 433 5941
barry.robertson@colliers.com
93 Tarbert Street Alexandra Information Memorandum For Sale or Lease
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.