It’s located at 53-57 Shotover St, with 4200 + sq m gross floor area.
Local Ray White agent Tim Stewart, who is marketing the property for deadline sale closing on April 30, suggests it has ‘‘arguably the finest views of any large-scale building in the town centre’’.
‘‘Few, if any, other large properties in the heart of the township offer all these iconic vistas alongside such significant opportunities to drive value. ‘‘Any significant commercial investor interested in exposure to one of the fastest-growing and tightly, geographically-constrained commercial property markets should be considering this very rare opportunity.’’
Already, the CV’s grown by about 8.8% per year from 2017 to 2024, he notes.
Tenants — a mix of retail/ tourism, hospitality, offices and carparks — include Queenstown Gym, Smiths Craft Beer House, Thrillzone, Odysseum and Zealand Tattoo.
With the huge Lakeview development under way 400m away, Stewart suggests this building and the adjacent Man St carpark will become the most accessible walkway access to the CBD.
The property — which doesn’t include five level 3 apartments at 53 Shotover St — is in three titles:
57 Shotover St ground level and levels 1, 2, 3 and 4 with a CV of $14.55m;
53 Shotover St basement carparks, ground level and level 1 with a CV of $16.20m;
53 Shotover St level 2 with a CV of $5.29m.
It is understood the vendor is hoping to sell all three titles as one parcel, but will also consider offers for each.
Stewart says investor confidence in the precinct is evidenced by the next-door sale of the former Base Backpackers building — with a CV of $23.75m — for $31m, for a high-end backpackers conversion.
