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Unique chance to secure a slice of Central Wanaka

Unique chance to secure a slice of Central Wanaka

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.

Colliers Brokers Barry Robertson and Steve McIsaac have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday 23 September.

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.”


Related Experts

Barry Robertson

Tourism | Development & Business Broker

Queenstown

One of Queenstown’s most experienced property professionals, Barry Robertson’s career spans more than four decades. His knowledge and insight cover a wealth of markets and economic scenarios, allowing him to deliver to clients an unrivalled understanding of market dynamics.

Based in Queenstown since 1985 and working in both valuation and brokerage, Barry specialises in tourism properties, bringing together deals ranging from motels to 200+ room hotels and golf courses. He’s brokered some of the largest commercial and tourism sales in the region through his local connections and national networks.

Joining Colliers International in 2013, Barry works in combination with Steve McIsaac at the Queenstown office, brokering and consulting on tourism assets and developments across the South Island.

Barry is an Associate of the Real Estate Institute of New Zealand (REINZ), a Fellow of the New Zealand Institute of Valuers and a member of the Royal Institute of Chartered Surveyors (RICS). The family man is an enthusiastic cyclist, enjoying nothing more than exploring Queenstown’s superb tracks and trails.

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Steve McIsaac

Commercial & Industrial Broker

Queenstown

Steve has over 22 years of knowledge and experience in the New Zealand property market, the last 10 years of which have been based in Queenstown, involved in the resort development and tourism sector.
 
Areas of specialisation include brokerage and consulting on tourism assets, along with development opportunities. Steve works in combination with Barry Robertson at Colliers International Queenstown, brokering and consulting on tourism assets and developments across the South Island.

Steve is a member of the Real Estate Institute of New Zealand (REINZ).

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