One of the most strategic development sites in Asia-Pacific, located in Queenstown, New Zealand is being offered for international sale by Colliers Queenstown.
The 3,909sq m site is centrally situated at 34 Brecon Street, which is part of a precinct being developed for commercial and tourism activities, as well as comprehensive local authority infrastructure and street works. Opposite the site is the prominent iFLY simulator building and the new Upper Village retail and entertainment centre.
The property is zoned Queenstown Town Centre, Lakeview sub-zone, which provides predominantly for visitor accommodation and commercial activities.
Colliers Queenstown Brokers Barry Robertson and Steve McIsaac have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 9 March, unless sold prior.
The site has the benefit of consent for a comprehensive hotel and commercial development, including underground parking. The complex will provide 393 hotel rooms in four linked buildings, developed around a commercial complex of 12 tenancies. The 21.8m high building will offer various views over central Queenstown Bay, as well as Coronet Peak and The Remarkables.
Brecon Street, which is only 300m from Queenstown’s CBD, has just undergone a major utility and streetscaping upgrade as part of the Queenstown Lakes District Council’s $50 million scheme. In addition, the first stage of Queenstown's $25 million Arterials Road project is underway, which will change the main thoroughfare past the Brecon Street/Man Street intersection.
There are several commercial and tourism projects underway on Brecon Street:
- Skyline Enterprises are midway through a $100 million upgrade programme for the iconic Skyline Gondola, which includes a 300-capacity car park building, a new base building, a new 10-seater gondola, and a new top building, including a 600-seat theatre
- Centuria NZ are constructing a new five star, 61-suite Radisson Hotel at the corner of Man Street and Brecon Street
- Upper Village, a recently completed development comprising 4,927sq m on the 3,285sqm site adjacent, with nine retail and entertainment tenancies over two levels
- The 15-room Dairy Guest House has recently been purchased by the Naumi Hotel group from Singapore and recently reopened after an extensive upgrade
- An adjoining 810sq m site has recently been aggregated for a further tourism activity development
- Lakeview development – this two-stage, billion-dollar development, nearby on Queenstown’s former campground was recently granted fast-track consent. On completion, the development can provide approximately 450 residential apartments, 79 ‘co-living’ units, 600 hotel rooms, and a retail precinct
New Zealand's tourism industry has bounced back rapidly over the past year and is projected to reach 2019 levels by mid-2024. This is evidenced by recent Queenstown Airport statistics which show total passenger numbers for the five months ending November, were similar to the same period in 2019.
Accommodation statistics show an average occupancy for Queenstown hotels for the December 2022 quarter at 64 per cent of the rate achieved for the same period in 2019, but the average room rate was $286 compared to $265 in 2019.
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