The $14.1 million sale of a large backpackers building is the biggest single property transaction in the Queenstown CBD in 12 years.
X-Base Discovery Lodge, in Shotover Street, which had been owned by a Christchurch-based Singaporean family, has been bought by a group of Auckland investors.
Ten parties bid for the property, marketed by Colliers International Queenstown.
“It was the scale of the property and the location in the CBD that attracted most of the interest,” local Colliers tourism broker Barry Robertson says.
The backpackers, which sleeps about 384 people, is operated by Australasian accommodation provider XBase, whose lease runs till 2024.
The base rental is $1,020,000 a year plus GST.