A highly visible medical centre that is strategically positioned at the entry to Wānaka is available for purchase, giving buyers the opportunity to secure an asset with a steady rental stream and long-term upside.
Sitting at 23 Cardrona Valley Road, the single-level building has approximately 2,205sq m of total floor area.
It has been designed to accommodate two medical centres, a physiotherapy clinic, a radiology unit, a dentist, an optometrist, and a pharmacy, along with several other smaller specialist units for use by permanent and visiting healthcare professionals.
Known as the Wānaka Lakes Health Centre, the facility is leased to various established local and national tenants and has a weighted average lease term of approximately six years, excluding a small number of consulting rooms that are leased on a casual basis.
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The total net annual rental income from the property is approximately $1,029,557 plus GST.
The 1.007ha landholding has also been extensively landscaped, including the asphalt-sealed car parking area that has approximately 120 parking spaces.
The property, which benefits from excellent frontage to Cardrona Valley Road and is the only comprehensive medical facility in Wānaka, is located approximately 1.8km from the town centre and approximately 3.4km by road from the Three Parks commercial precinct.
Wānaka is well serviced by supermarkets, cafes, restaurants, retail shopping, early childhood education facilities, three primary schools, and one secondary school.
Queenstown, New Zealand s most recognisable tourist destination, is just over an hour away.
Colliers Brokers Shoneet Chand, Geoff McElrea, and Dean Collins have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 10 September, unless sold prior.
The centre was originally constructed in 2011, with an extension added three years later. The design of the building allows for a common main entry area and foyer that includes a cafe, which provides access to the majority of the tenancies and amenities.
Chand, Director of Investment Sales at Colliers, says the modern facility is well presented and provides a range of key medical services for the community.
"This property has been built to a high standard and has a collection of fundamentals that investors are looking for with steady cashflow from a diverse array of medical tenants," Chand says.
"With a strong tenant covenant underpinning the offering, this is a property that will catch the eye of discerning buyers."
Data from Infometrics notes the consistent population growth of Wānaka and its broader catchment, with an average growth rate of 3.9 per cent per annum across the past five years compared to the 1 per cent figure registered for New Zealand.
McElrea, Commercial Broker at Colliers Wānaka, says the property is the only medical centre of scale in Wānaka, making it a sought-after asset.
"Wānaka is a popular holiday and tourist destination of high scenic value, renowned for its attractive lake and mountain setting, while its growing permanent population and ageing demographic continue to support demand for healthcare, retirement, and community-based services," McElrea says.
"The surrounding uses comprise an aged care facility, retirement village, vacant local shopping centre-zoned land and medium density-zoned land on the opposite side of Avalon Station Road."
Collins, Director at Colliers Otago, says the property's current configuration and low site coverage mean there is scope to consider future development options.
"Subject to the relevant consents, there is the possibility the building footprint at the property could be expanded, intensifying the usage of the landholding and unlocking its true value," Collins says.
"This purchasing opportunity gives buyers the chance to acquire a stake in the notably resilient healthcare sector."
- Supplied by Colliers
