Queenstown Central, Central Otago / Lakes District

Very rarely are properties in the Queenstown Town Centre as large as this offered for sale. Even more rarely do these large properties have the extraordinary range of iconic views that this property enjoys.Key features: Net Lettable Area: 3,600+ sqmbalconies with extraordinary iconic views on levels 1, 2, 3 and 4~37m of frontage onto the busiest street in downtown Queenstowndeep floorplates, up to ~39m, that enable a wide range of usesa high stud and many floor to ceiling windows14 basement carparks accessed from Shotover Streetdirect internal access to the 500+ park Man Street car park A premier opportunity for the astute investor.Positioned in the heart of Queenstown on its busiest street, on the most accesible route to the Lakeview and Man Street developments and with direct access to the 500+ Man Street carpark, this location is primed to capture ever-increasing foot traffic in a tightly constrained market.It also boasts the scale, location and vistas required to deliver high value luxury and budget accommodation. There is potential for exceptional hospitality venues featuring Instagram-worthy views.What could you do with large spaces and iconic views, in the heart of Queenstown?Investment Environment: Income from commercial assets in Queenstown reflects the scarcity of property in the core downtown Queenstown area. Demand is very strong, supply is constrained by the topography, and downtown property is very rarely offered to the market. Capital Growth is strong: This property's approximate 8.8% p.a. Compound Annual Growth Rate (CAGR) in Capital Value (2017-2024) is similar to the Queenstown area's residential property long term CAGR of 8.27% p.a. (1992-2024).If the sustained, compounding growth trends in Queenstown, Wānaka, and Cromwell continue, the area will be the second biggest City in the South Island in about 15 years. There are three separate Records of TitleThe vendor prefers to sell the entire property (all three titles together) to a single purchaser. However, they will consider offers (+GST if any) for all three Titles together, each Title separately, or any combination of Titles.TITLE: OT312/2757 Shotover Street (Ground Level and Levels One, Two, Three and Four)LEGAL DESCRIPTION: Section 26 Block IX Town of QueenstownFreehold on 496 sqm. Note: There is an easement through 57 Shotover Street used to access the Man Street carpark.CAPITAL VALUE: $14.55MLAND: 496 sqm (more or less)NET LETTABLE AREA: ~1,596 sqm, plus balcony'sNET RENT: $534,603 ~117 sqm is vacantLongest significant* lease renewal / rent review date: Jan 2033 / Dec 2027Weighted Average Lease Expiry (Rent): 8.7 yearsTITLE: 76564553 Shotover Street, Basement carparks, Ground Level and Level OneLEGAL DESCRIPTION: Unit 1-5, 11-13 and Accessory Unit B1, B2, B3, B4, B5, B6, B7, B8, B9, B10, B11, B12, B13 Deposited Plan 343692Stratum in Freehold (Unit Title) / Body Corporate Shares 4,226 (~42%)CAPITAL VALUE: $16.20MLAND: Parent land is 988 sqm more or less (DP343692)NET LETTABLE AREA: ~1,341 sqm, plus carparks, common areas, NET RENT: $584,230 ~117 sqm is vacantLongest significant* lease renewal / rent review date: Sept 2028 / Oct 2027Weighted Average Lease Expiry (Rent): 6.2 yearsTITLE: 17937053 Shotover Street, Level TwoLEGAL DESCRIPTION: Unit 21 Deposited Plan 343692Stratum in Freehold (Unit Title) / Body Corporate Shares 1,141 (~11%)CAPITAL VALUE: $5.29MLAND: Parent land is 988 sqm more or less (DP343692)NET LETTABLE AREA: ~686 sqmNET RENT: $193,717Longest significant* lease renewal / rent review date: May 2029 / May 2026Weighted Average Lease Expiry (Rent): 12.7 yearsALL TITLES TOGETHER53-57 Shotover Street excluding the five apartments in 53 Shotover Street on Level 3 and above.Mix of Freehold and Stratum in Freehold (body corporate share majority: ~53%)CAPITAL VALUE: $36.40MLAND: 1,488 sqm more or less (being the total of the Freehold and the Stratum in Freehold parent land)NET LETTABLE AREA: ~3,623 sqm, plus carparks, balcony's and common areas NET RENT: $1,312,550 ~117 sqm is vacantLongest significant* lease renewal / rent review date: Jan 2033 / Dec 2027Weighted Average Lease Expiry (Rent): 8.2 years*ignores the carparks and a small storage tenancyGet a feel for the office, balcony, and easement to the Man Street carpark in 57 Shotover Street by watching the video.Experience the views from the balconies using the Matterport.Note that most of the interior photos / matterport are of the offices on Levels Two, Three, and Four of 57 Shotover Street. Some internal photos have had all furniture digitally removed to respect the tenants' confidentiality obligations to their clients.