Investment portfolio opportunity


53-55 Gorge Road, Queenstown

Asking Price NZD $3,250,000 + GST (if any)

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Investment portfolio opportunity | 53-55 Gorge Road, Queenstown | 4503533 |      X Close
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Description

Investment portfolio opportunity


•Three separate rental incomes

•Excellent Location

•Good visual street frontage

•Redevelopment options

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

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

The newer building is occupied by Salt Day Spa which contains 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. This has the potential to add another apartment on.

The circa-1970s building, occupied by Remarkable Vets, has the potential to be redeveloped to better utilise the site.

The property also offers good parking, some garaging, and straightforward access.

Gorge Road is five minutes from Queenstown's CBD, and is an area which is seeing strong development activity with several large-scale projects in the immediate vicinity, including The Alex apartments, Hylton Park Residences, the Ngai Tahu Property housing development Te Pa Tahuna and the planned Swiss-Belhotel and Residences, all reinforcing Gorge Road's credentials.

This is a rare investment opportunity in a location that has future staying power, with redevelopment likely to unlock its true value.

Tenancy Details: Fully-tenanted and returning net total rental of $145,225. The current 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.

Property details:

Land Area: 841sqm more or less

Floor Area: 434.5sqm approximately

Car Parks: 9

Zoning: 7B Industrial

John Archibald

Queenstown

Licensed under the REA Act 2008

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53-55 Gorge Road, Queenstown

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John Archibald

Queenstown

Licensed under the REA Act 2008

View profile