Colliers International brokers Barry Robertson and Steve McIsaac have been exclusively appointed to market 2-4 Brunswick Street, Queenstown, for sale by tender.

Robertson says the property comprises an established accommodation complex, currently leased to a locally run backpackers, and an adjoining vacant development site.

“This is rare opportunity to acquire a superbly located waterfront property on the corner of Brunswick Street and Lake Esplanade, on the shores of Lake Wakatipu,” he says. “The position allows uninterrupted lake and mountain views including views of Queenstown’s majestic Remarkables mountain range.”

Robertson says the property has a total land area of 1,245sq m split across two titles. “The titles will be sold in two lots – take one or both. How you choose to unlock this property’s redevelopment potential is really up to you.”

The larger lot at 2 Brunswick Street comprises 802sqm spanning five unit titles, to be sold together. The property’s improvements comprise an accommodation complex, originally built as a motel and currently leased to Bumbles Backpackers.

The smaller lot at 4 Brunswick Street comprises 443sq m of vacant freehold land. The site is also currently leased to Bumbles. Robertson says the current leases are due to expire on 30 April next year, which will free up the properties for future development.

“Interested parties have the ability to submit a tender on an individual property or the combined properties, giving investors options including redevelopment of part or all of the site.”

Robertson says the offering is within level walking distance of the CBD, being approximately 200m from Queenstown’s Steamer Wharf complex.

“Queenstown’s CBD is a mix of predominantly retail outlets, food and beverage and accommodation providers,” he says. “The surrounding property is made up of accommodation providers and residential development.”

Queenstown International Airport, located in Frankton, is 8.5km away. The property is zoned high density residential under the Queenstown Lakes District Plan, which is currently under review, with the council proposing changes to the objectives, policies and rules of residential zoning.

McIsaac says 2 Brunswick Street was originally built as a motel and later converted to backpacker accommodation.

“Bumbles Backpackers is a well-established locally run backpackers providing 55 beds in a mixture of dorm, twin and double room configurations with shared bathroom, laundry and kitchen facilities. This well maintained property has been operated by the current tenants since 2005.”

McIsacc says Queenstown is widely regarded as New Zealand’s premier tourist destination.

“It offers a unique ‘four season’ proposition that supports a wide range of recreation and adventure experiences.”

Tourism remains the region’s largest economic driver, McIsaac says. “Annual tourist numbers to Queenstown have been estimated at 2.9 million, with more than 1.8 million passengers travelling through Queenstown International Airport in 2016 – up 17 per cent on the previous year.

“This makes it one of the fastest growing airports in Australasia.”

Further growth in visitor numbers and total spending is expected in 2017, following a record year in 2016 for the hotel and tourism sectors. “This makes Queenstown an exceptional investment, especially for add value accommodation developments,” McIsaac says.

Offers close at 4pm on Friday, 14 July, unless sold prior.

This article first appeared on Colliers International.

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