Prime land plus high-profile buildings for sale

Media Release

Prime land plus high-profile buildings for sale in top South Island tourist town

29 September 2008 – A prime commercial property in a popular tourist destination near Queenstown is for sale offering a “first class opportunity for an enterprising owner”consisting of a superbly located freehold section and two high-profile buildings.

Being marketed by Harcourts Phoenix Real Estate Ltd Sales Consultant Carol Grainger, the 1506m2 property is located in Glenorchy, an historic township and increasingly popular tourist destination at the head of Lake Wakatipu, about 30 minutes’ scenic drive from Queenstown and in a stunning area which is the gateway to Mount Aspiring National Park and amongst other things has featured in The Lord of the Rings film trilogy.

Ideally situated in the heart of Glenorchy on the corner of two of the vibrant town’s main streets, the property is just a few minutes walk from the water’s edge and within easy reach of other visitor drawcards in the area such as the Dart and Rees rivers and the many renowned walks that start nearby, including the Routeburn Track.

Almost square in shape it is currently home to two high-profile buildings: a two-story lodge with manager’s accommodation incorporated and a separate single-story building currently housing a café, restaurant and bar - together totalling just under 890m2 of floor space.

Mrs Grainger says the unique Glenorchy property offers a “first class opportunity for an enterprising owner”, whether that’s an investor or an owner-occupier.

“Given all it’s got going for it it’s actually one of the most exciting commercial investment opportunities I’ve seen in some time, particularly given the planned Milford Tunnel is predicted to result in a significant increase in Glenorchy’s already growing visitor numbers,” she says.

“The property is in a blue chip location in ‘the gateway to paradise’ as Glenorchy is known, and it has two excellent street frontages. While well suited to its current usage the land has potential for numerous alternatives too, so that offers exciting possibilities.

“The two large buildings on the site are generating a viable return, they have excellent street appeal and they’re quite modern – having been rebuilt a few years ago after the original complex was destroyed by fire – plus there’s potential to create additional retail space in both.

“In addition in just a few years the new owner will have the opportunity to review the current leasehold arrangements and potentially to redevelop the site,” she says.

“Combined these factors add up to this property being a valuable package with huge potential.”

As Mrs Grainger explains the current leaseholders, who are proven industry operators, are using the one-level 535m2 building on the property to operate the popular Foxys Café, a spacious public bar and a separate fully-licensed restaurant which comfortably seats more than 100 people, incorporating a private dining room for up to 20 people.

Alongside in a two-story building on the site they are running Glenorchy Lodge which features eight guest rooms, three with ensuite bathrooms and one unit with a full kitchen. The lodge building, which has two 177m2 levels, also includes a guest lounge/conference room and separate two-bedroom accommodation which is currently occupied by the leaseholders.

Meanwhile, behind the two buildings is a large sunny garden area with stunning views that is readily used by lodge guests and the café, restaurant and bar patrons, and has also accommodated a range of activities and functions including weddings.

Located at 23 Argyle Street (on the corner of Argyle and Mull streets), the property is for sale by negotiation. For more information visit www.harcourts.co.nz (ID# RNC080715)

ENDS

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