Unit 7, 174 Glenda Drive, Frankton - IM

Introduction

Colliers as sole agents, have been appointed to market for sale Unit 7, 174 Glenda Drive, Frankton, Queenstown.

This property is being offered For Sale by Deadline Private Treaty closing Wednesday 22 March 2023 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 registration.

www.colliersotago.co.nz/67022295

Data room documents available:

• Information Memorandum

• Record of Title and Interests

• Land Information Memorandum

• Offer Documents

• Pre-contract Disclosure Statement

All enquiries, requests for information and arrangements to undertake inspections in relation to this opportunity are to be directed to the listing agent below.

Doug Reid +64 27 431 3278

doug.reid@colliers.com

James Valentine +64 21 777 772

james.valentine@colliers.com

Executive Summary

ADDRESS Unit 7, 174 Glenda Drive, Frankton, Queenstown 9300

DESCRIPTION

A 253m² industrial unit comprising of a warehouse and mezzanine area, as well as a residential flat or office with its own separate access with one allocated car park. Three further car parks for the warehouse.

TENURE

LEGAL DESCRIPTION

RECORD OF TITLE

BUILDING AREA

Stratum in Freehold (unit)

Unit PU7, AU7 Deposited Plan 378433

314247

253m²

ZONING Industrial

Vacant warehouse/workshop

CONTRACT RENT

Residential tenancy in place at $450 per week

Estimated market rent - $35,500 + GST

RATEABLE VALUE

SALES PROCESS

$970,000 (as at 1 September 2021)

For Sale by Deadline Private Treaty closing

Wednesday 22 March 2023 at 4pm (unless sold prior)

Investment Highlights

VACANT WORKSHOP/ WAREHOUSE

Opportunity to secure your own premises in a tight industrial market.

ACCOMMODATION AVAILABLE

Two bedroom flat with potential to be converted to offices depending on occupier needs.

TIGHTLY HELD PRECINCT

Frankton industrial offerings are scarce.

RARE OPPORTUNITY

First time on the market in 7 years.

ZONING

Industrial zone with accommodation as an auxiliary use.

CAR PARKING

Four carparks and sealed access.

Location

The property is positioned on Frankton’s pre-eminent industrial street, Glenda Drive, at the heart of Queenstown’s main trade hub.

Glenda Drive is accessed via a large roundabout connecting Hawthorne Drive extension 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 Glenda Drive 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.

Zoning

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.

Note: it is the responsibility of interested parties to undertake their own investigation in this regard.

Premise Breakdown

Queenstown Industrial Market

As Queenstown recovers from the Covid pandemic years, there is a construction boom continuing to underpin business growth and confidence for occupiers of industrial and commercial property is continually increasing as the tourism market bounces back. There remains a critical shortage of land available for industrial development. Currently, industrial and commercial property has the lowest vacancy rate on record.

A shortage of industrial property for lease, and the high cost of construction of new buildings, are resulting in steady rent increases.

The viability of new commercial and industrial properties is therefore being challenged by increasing development costs.

Long term the ongoing population growth projections will result in continued demand for commercial and industrial space that will continue to put pressure on rentals to rise.

Record of Title

Deadline Private Treaty Sales Process

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.

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.

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.

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.

• 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.

• 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.

• 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.

How to make an offer:

• 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.

Offers to be submitted to Colliers Sole Agents by 4pm, Wednesday 22 March 2023.

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.

• Information Memorandum

• Record of Title and Interests

• Land Information Memorandum

• Offer Documents

• Pre-contract Disclosure Statement

All enquiries, requests for information and arrangements for site inspections are to be directed to the Colliers sole agents:

Doug Reid

+64 27 433 5941 doug.reid@colliers.com

James Valentine

+64 21 777 772 james.valentine@colliers.com

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.