A three-level commercial building in the heart of Wanaka’s town centre has come to the market giving buyers the opportunity to put their own stamp on the property.
The former Base Hostel building at 73 Brownston Street, Wanaka, was specifically developed in 2008, and is currently configured as a 49-room hostel with 200 beds across 1,650sq m of space over three levels. The building is perfectly positioned on a 1,012sq m site that is only 250m from the lakefront.
Robertson, Tourist Development and Business Broker at Colliers Queenstown, says hostel accommodation is in short supply in downtown Wanaka.
“Most accommodation in Wanaka is made up of a combination of motels, apartments and lodges. There are only three existing hostels in the area, with two of these on the town periphery,” Robertson says.
“These factors alone make the opportunity to secure a future at the property extremely attractive for an operator given the upside on offer.”
Architect’s concepts have been produced for the building to be converted into a 50-room hotel comprising rooms, suites, and apartments, providing the new owner with another option.
“The premises contains the former Mint Bar, which could also be repositioned as quality office space, and over 300sq m of ground floor retail,” Robertson says.
McIsaac, Commercial and Industrial Broker at Colliers Queenstown, says commercial buildings in Wanaka remain tightly held given the high cost of building new ones.
“Investors have been struggling to find suitable development land that is appropriately zoned, while Wanaka has seen strong rental growth over a sustained period,” McIsaac says.
“Property markets within Wanaka remain active across all market sectors underpinned by the continuing population growth, a strong construction industry, and the domestic tourism market that will be reinvigorated when the current Covid-19 restrictions are lifted with summer on the horizon.”
The strategically located property can be purchased with vacant possession or leased, presenting further options for interested parties.
“Experienced operators who are looking to make a proposal to the current owners to operate the hostel on a lease or management basis can take comfort from the owner’s dedication and the groundwork that has already been put in place to elevate the hostel’s offering,” McIsaac says.
“This is a truly unique building, and we encourage interested parties to do their due diligence and contact us immediately.”