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World-class hotel development opportunity in Queenstown

NZ_AucklandCBD_Communications_ Worldclass hotel development opportunity in Queenstown

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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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 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 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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