Two newly completed freehold industrial properties in one of Wānaka’s fastest-growing commercial areas are being exclusively marketed for sale by Colliers, offering an exceptional opportunity for investors, owner-occupiers, and business operators.
The properties at 5 Connell Terrace in the Central Otago town comprise two high-spec, two-level industrial office/warehouse buildings completed in 2024.
The vendor is motor vehicle dealer Paul Kelly, who has an extensive commercial property portfolio in Christchurch.
He developed the Connell Terrace industrial units with a Wānaka friend on land he has owned for many years.
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The two units are Kelly’s only property investment outside of Christchurch and he is selling to focus on his city portfolio.
“These are quality units built to a superior specification with an excellent fit-out, such as super-silent roller doors and lined, high stud ceilings,” Kelly says.
Lot 1 is fully leased to Buildpro Limited, an established national tenant, on a six-year lease with built-in annual rental growth of 2.5 per cent.
Buildpro brands One Stop Deck Shop and Timberline occupy the building and the lease generates $61,500 plus GST and outgoings annually, with two rights of renewal of four years each.
Lot 3 will be offered with vacant possession, ideal for a business seeking new premises to own and occupy, or for an investor to secure and lease in the General Industrial Service Zone under the Queenstown Lakes District Council Proposed District Plan.
“Industrial space in Wānaka is incredibly scarce, with very few titled sites or newly built premises available for purchase,” Colliers Christchurch industrial specialist Paul Marshall says.
“This is a rare chance to secure either a fully leased investment with secure returns or an immaculate, ready-to-occupy building in a prime location.”
Colliers Wānaka broker Geoff McElrea says the tightly held industrial property market in the town is experiencing strong demand, driven by regional growth, a robust tourism economy, and limited industrial land supply.
“With Wānaka’s ongoing population growth and the thriving Three Parks development nearby, these properties are perfectly positioned for long-term capital growth and income potential,” says McElrea, who is marketing the properties in conjunction with Marshall.
Lots 1 and 3 offer the same modern layout and specifications: A 205sq m freehold site, (plus a quarter share of 285sq m of common area) comprising 198sq m of floor space.
Each building features high stud warehousing with roller door access, ground-floor storage, and an accessible bathroom. The upper level includes an office/staffroom with a full kitchen, two separate offices, and a bathroom with shower.
Features include LED lighting, carpet tiles, and a sunny north-facing balcony.
Connell Terrace is strategically located adjacent to Ballantyne Road. This fast-growing precinct is anchored by major national retailers such as Mitre 10 Mega, New World, and The Warehouse and is just minutes from the town centre and key transport links, including State Highways 6 and 84.
Wānaka’s industrial market has seen strong rental and capital growth in recent years.
“These properties are a prime example of modern, high-quality industrial assets,” McElrea says.
“Whether you’re looking for a passive income stream or a base for your own business, these are opportunities that don’t come along often in Wānaka.”
The properties are for sale by auction, to be held at 2pm on Wednesday 22 October, unless sold prior, at the Wānaka Community Hub, 34 McDougal Street.
- Supplied by Colliers
