An industrial landholding in Queenstown is being presented to the market for sale offering buyers the opportunity to acquire a site with long-term upside.
Located at 132 Glenda Drive, Frankton, the property has 870sq m of floor area on a 3,807sq m freehold site. The floor area at the property is made up of multiple workshops and storage sheds.
Nationally renowned transport operator Ritchies Transport tenants the facility and their expiring lease, which has no further rights of renewal, runs until 31 March 2027.
Their lease provides $399,349 plus GST in net annual rental income, ensuring stable cashflow for the new owner while they strategically plan their future moves for the property.
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The Queenstown industrial market is one of the most tightly held in New Zealand with limited supply, making opportunities such as this one incredibly scarce.
Frankton has established itself as the central trade hub of Queenstown given its ease of access to the surrounding area and is populated by well-known national firms such as Fulton Hogan, Bidfood, and Mitre 10.
The property is zoned Industrial A Zone by the Queenstown Lakes District Council.
Colliers Queenstown Brokers James Valentine, Tim Thomas, and Rory O'Donnell have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 10 December, unless sold prior.
Valentine, Commercial Sales and Leasing Broker at Colliers Queenstown, says sites of this calibre are rarely available in Queenstown, offering buyers the chance to secure or expand their presence in this precinct.
"Buyers of all kinds will have an interest in this offering. Owner-occupiers can secure the site for their own business operations and trade without being bound to a lease agreement, while investors could acquire the property and find a new tenant.
"Meanwhile, developers could purchase the site and reposition it to unlock its true value," Valentine says.
"The new owner will be able to enjoy holding income from the current tenancy allowing a considered approach to long-term planning."
Thomas, Commercial Broker at Colliers Queenstown, says the property is in a sought-after location that has next to no vacant space.
"Rents in this prime hub have steadily risen in recent years as the lack of supply has driven strong demand for space in Frankton. Even amid the challenging economic conditions that are being experienced across the country, this area has remained remarkably resilient," Thomas says.
"With very few new land releases in Frankton or central Queenstown on the horizon, having the opportunity to acquire a site of this size presents buyers with a rare chance to gain a foothold in this location."
Data from Infometrics points to encouraging economic indicators in the Queenstown-Lakes District with GDP growth to March 2024 tracking at 6.4 per cent compared to the New Zealand figure of 1.4 per cent. The total business units in the district measured 10,896 in February 2024, up 6.8 per cent from a year earlier.
This is all underpinned by consistent population growth that has outpaced national averages for the past three years.
O'Donnell, Commercial Broker at Colliers Queenstown, says the Frankton industrial hub is readily accessible from State Highway 6 with amenities close by.
"Glenda Drive connects with Hawthorne Drive that leads directly to the motorway network providing connectivity to other parts of Central Otago," O'Donnell says.
"The nearby Five Mile retail precinct offers future occupants of the property access to shopping, hospitality, and food options as well as other key essential services.
"This is one of the most compelling purchasing opportunities we have brought to the market this year."
- Supplied by Colliers
