You could become one of Queenstown’s biggest landlords overnight.

The fully-leased Upper Village retail, hospo and entertainment complex — overlooking the CBD and just 150 metres below the Skyline gondola —  is for sale by international deadline sale, closing October 28.

Owned by the Australian investors behind Queenstown’s Roki Collection hotel, the multi-level Brecon St precinct, completed just under five years ago, has seven international and national tenants across 4841 square metres.

Taking up 59% of the space is the Kingpin entertainment centre.

In descending order of size, the other tenants are Roki Collection-owned staff accommodation, the new Prospects restaurant, Bathhouse Spa, Anito Gelato gelateria, Minus 5 ice bar and Roki offices.

The estimated net annual rental’s $2,917,599 plus GST and outgoings, with growth via a mixture of annual fixed, CPI and market rent reviews.

And the rateable value, at September 2024, is $59,650,000.

The listing agents are local Colliers brokers Mark Simpson, Rory O’Donnell and Mary-Jo Hudson. 

Simpson, who notes there’s already been interest out of Australia and Asia, says while Upper Village isn’t in the midst of the CBD, “it’s in a developing area”, with the expanding Skyline complex nearby, planned St Regis hotel diagonally opposite and huge Lakeview development nearby.

He says the high-quality and diversified tenancy profile balances risk for investors.

“Given the age and recent construction and reconfiguration works, there are no immediate capital expenditure requirements.”

He adds the investment opportunity will also come in below replacement cost.

— PHILIP CHANDLER