Significant Queenstown retail hub placed on the market for sale
A substantial multi-unit urban shopping centre sitting at the ‘gateway’ to Queenstown’s fastest growing commercial hub has been placed on the market for sale - offering a rare and significant commercial property opportunity for investors in the tightly-held Queenstown commercial property market.
The Landing retail shopping centre in Frankton’s Remarkables Park Town Centre North encompasses 17 shops sitting on a one-hectare freehold site at 5 Hawthorne Drive.
The fully-tenanted near-new L-shaped property is immediately adjacent to Queenstown International Airport, opposite the New World supermarket & the Remarkables Park Town Centre, being situated on Hawthorne Drive, which last year was extended to create the arterial route around the Frankton Flats to link the two state highway entrances into Queenstown.
Constructed three years ago, three separate buildings providing 17 shops make up The Landing which features 3,160 square metres of retail space on 10,282 square metres of freehold land.
Shops within The Landing offer a variety of tenancy sizes ranging from around 60 square metres up to 450 square metres and 110 car parks. The Landing has become synonymous with boutique shopping through attracting and featuring stores such as Armoury Fashion Boutique, Girl Next Door fashion, Redcurrent, Eve Beauty, the well-known and long standing Cutting Edge Hairdressers, soon to open Vu Jewellers, Queenstown Interiors, Outdoor Concepts and Neat Meat butchery, all surrounding the hugely popular Odelay Café and Zambrero Restaurant next to a central sunny courtyard with views of Coronet Peak and surrounding mountains.
Notwithstanding its boutique reputation The Landing, due to its size, also boasts a Repco auto parts store, 24/7 Snap Fitness, Fuji Xerox, physiotherapist and other stores.
The entire single-level complex, which has a 100 percent new building standards rating, is now being marketed for sale by Bayleys Queenstown through expressions of interest, with offers for The Landing closing at 4pm on October 11.
Bayleys Queenstown salespeople David Gubb and Steven Kirk said the 17 tenancies making up The Landing had a weighted average lease term of nearly four years.
“The broad diversity of non-competing businesses trading within The Landing, combined with a long-term tenancy schedule, ensures this is an attractive split risk investment opportunity with solid growth potential” Mr Gubb said.
“Vehicular access to The Landing is via three entrances off Hawthorne Drive including access off Tex Smith Lane shared with adjoining airport based tourism businesses. Within the complex there is a landscaped courtyard providing al-fresco dining serviced by the Odelay Café and Zambrero restaurant.
“The single-storey design of buildings within The Landing was created specifically to ensure views of the surrounding mountain ranges were preserved, while simultaneously presenting the shopfronts to the busy Hawthorne Drive arterial road” Mr Gubb said.
Buildings at The Landing are constructed with concrete slab foundations, concrete panel walls and metal roof cladding and are fully double glazed. The building exteriors feature a variety of natural concrete, cedar and decorative wall claddings creating a vibrant village atmosphere.
Shop interiors predominantly feature comprehensive fit outs including many incorporating hard-wearing polished concrete flooring.
Mr Kirk commented that The Remarkables Park area surrounding The Landing was experiencing considerable growth resulting from ongoing construction activity, most of which is adjacent or near to The Landing, including;
• The recently completed Ramada Hotel.
• The just completed 127 apartment Wyndham Garden Hotel
• The 230-unit Toru Apartments currently under construction
• Building of the new Ramada Kawarau River Hotel and Apartments scheduled for 2019
• The new 900 pupil Wakatipu High School, relocated from central Queenstown, opened first term this year with plans already underway to increase its capacity to 1800 pupils
• Recent opening of the Pacific Radiology scanner facility and announcement of a new private hospital and medical facility which will incorporate the new scanner facility
• Resource consent application lodged in January of this year for a 46 hectare subdivision at Remarkables Park enabling a massive mixed used development incorporating both mixed density residential development and tourist accommodation and leisure activities.
“The strength of the location is further underlined by recent commitments from Harvey Norman, Spotlight, Torpedo 7 and Nood locating into the Remarkables Park shopping centre,” he said.
“The Landing holds a strategic long-term position in this booming retail part of Queenstown”, Mr Kirk said.