The sale of Queenstown CBD’s Salvation Army premises presents a heaven-sent buying opportunity.
The church is exiting its prime Camp Street site and planning to relocate to the Frankton Flats.
“I think this is the first CBD building for sale on the open market for about four years, so obviously there’s going to be a wide range of interest,” says local Colliers International broker Rory O’Donnell, who’s marketing the property alongside three colleagues.
The property’s for sale with vacant possession or with a possible short-term lease-back option.
“Vacant possession offers the flexibility to upgrade and reconfigure the space for retail and commercial use, or to completely redevelop the site,” Colliers’ Mary-Jo Hudson says.
Owner-occupiers could be attracted as well as investors, land bankers and developers, she suggests.
On a 190 square metre land parcel, the building was built in 1991 and converted for use by the Salvation Army.
Currently it has a gross floor area of 425sqm – 155sqm of ground-floor retail showroom, 145sqm of partitioned first-floor meeting areas and 57sqm of second-floor open-plan meeting room space.
There are flexible configuration and access options, Hudson says.
O’Donnell says CBD assets remain sought after despite recent growth in the Frankton area.
“Retail vacancy is virtually non-existent while ongoing demand is huge, with 50-200sqm tenancies particularly sought after.”
Colliers’ Alastair Wood notes the property’s opposite the CBD’s highest foot traffic area, outside O’Connells Shopping Centre, and is also situated in Queenstown’s so-called ‘golden square’ of retail.
The rateable value is $5,300,000, as of July last year.
The property’s for sale by deadline private treaty, closing November 28, unless it sells prior.