Queenstown opportunity beats money in the bank

53, 55, 59 A and B Gorge Road, Queenstown

By Negotiation

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Queenstown opportunity beats money in the bank | 53, 55, 59 A and B Gorge Road, Queenstown | 4503221 |      X Close

Queenstown opportunity beats money in the bank

Located an easy stroll from Queenstown's CBD, these well-positioned and fully-tenanted properties provide a compelling investment opportunity with strong holding income and multiple redevelopment options.

With the industrial sector proving resilient throughout 2020, this split-risk investment has considerable future upside in a zone allowing up to 6-storey development.

The tenants are on varying lease terms with some extended rights of renewals and potential to bring the rents to market levels through pending rent reviews.

The two buildings fronting the road are collectively 53 and 55 Gorge Road and on one title.

The newer building is occupied by Salt Day Spa, with a superior fitout. Above the retail space is a well-appointed self-contained two-bedroom, two-bathroom apartment with balcony and expansive rear deck offering mountain views.

The circa-1970s building, occupied by Remarkable Vets, would lend itself to redevelopment to better utilise the site.

To the rear at 59A&B, is a split-level warehouse building occupied by gymnasium operator, Crossfit Queenstown. With extensive parking, this site could also be redeveloped to add further value.

In its current configuration across the three titles, the combined offering has good parking ratios, some garaging, and straightforward access.

Several proactive large-scale developments in the immediate vicinity- including The Alex apartment complex, Hylton Park Residences, the planned Swiss-Belhotel & Residences, and redevelopment of the former Wakatipu High School site into a residential precinct- underpin Gorge Road's credentials.

Appreciate what this rare offering can bring to the table today with its strong current rental income, while having confidence that the location has future staying power, with redevelopment likely to unlock its true value.

53, 55, 59 A and B Gorge Road, Queenstown

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