Relocating Sallies free up Queenstown site
The property at 29 Camp St, Queenstown, is roughly indicated by a blue border. Photo / Supplied
The Salvation Army is to quit its Queenstown CBD premises to relocate to Frankton, answering the prayers of some investors and developers.
Colliers International brokers say the sale presents an opportunity to move into one of the country’s most tightly-held inner-city locations.
Mary-Jo Hudson, of the agency’s Queenstown office, who is selling the property with colleagues Rory O’Donnell, Alastair Wood and Mark Simpson, says 29 Camp St will be sold by deadline private treaty, closing 4pm on November 28, unless it sells earlier.
The option of negotiating a leaseback to the Sallies is offered, with rent and terms a matter for negotiation between the vendor and buyer.
“The prospects of owning a 190sq m freehold in the heart of the Queenstown CBD will captivate land bankers and developers alike,” she says.
“They’ll immediately grasp the leaseback options, plus the flexibility provided by holding income and add-value potential.
“It’s almost unheard of for a freehold property, which can offer vacant possession, to be on offer in our CBD.
“There’s 425sq m of gross-floor-space over three-levels, with flexible configuration and access options.”
Built in 1991 and converted for use by The Salvation Army, the Town Centre-zoned property offers multiple options.
“Vacant possession gives the flexibility to upgrade and reconfigure for retail and commercial use, or to completely redevelop the site,” says Hudson.
“The leaseback option will particularly attractive to developers who are keen to draw on holding income, while they unlock the true potential of this remarkable site.”
O’Donnell says the Queenstown Lakes District is racing ahead as one of New Zealand’s fastest-growing regions.
“With expansion of the International Airport and the ongoing strength of local tourism, it remains one of our premier tourism destinations.”
“Lifestyle and employment opportunities attract strong population growth, so commercial property demand remains robust.
“And assets within the CBD are especially sought after, despite recent growth in the Frankton area.”
O’Donnell says the compact CBD remains Queenstown’s core pedestrian strip, being home to speciality stores, hospitality and tourism operations, major retail brands and all major hotels.
“Retail vacancy in the CBD is virtually non-existent while ongoing demand is huge, with tenancies in this size-bracket (50-200sq m), most sought after.”
Wood says the location within the retail area known as Queenstown’s ‘Golden Square’, is just superb.
“The high-profile businesses in Camp St include hospitality, banking, fashion, visitor accommodation, tourism and other operations. Queenstown’s highest CBD foot traffic has been recorded directly opposite this location; just outside McDonald’s in O’Connells Shopping Centre.”
Simpson says the three-level commercial building provides a ground floor retail and showroom area, first-floor office and an open plan mezzanine meeting room.
“The main stairwell links the ground and upper floors, with lift access between the ground and first floor only. Separate fire escape stairs link the first floor to the Camp St frontage. This building could be renovated to provide a new ground floor retail tenancy, with separate access to the first and second floor tenancies.”
The building has reinforced masonry blockwork walls, on-grade reinforced concrete slab foundations, ribbed in-fill floors and a lightweight steel-framed roof, says Simpson.
The ground floor has a net lettable area of about 155sq m; kitchen and bathroom amenities are to the rear; the first floor has a net lettable area of 145sq m, with partitioned meeting areas and kitchen and bathroom amenities; the top floor has an open-plan meeting room, net lettable area being about 57sq m.