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Sold: Terrace Junction's been snapped up by a private investor

By PHILIP CHANDLER

A strategically-located Queenstown shopping centre sold last week.

Multi-tenanted Terrace Junction, by the Frankton BP roundabout, has been bought by a private investor.

It’s sold for an undisclosed sum, however it’s understood it was in excess of the rateable value of $21.6 million.

The property, developed in 2007/’08, was marketed by local Colliers agents Mark Simpson and Rory O’Donnell, alongside Auckland and Christchurch colleagues.

Simpson, who confirms they received multiple bids, says the sale’s ‘‘a good underwrite for the confidence in Queenstown medium to long term’’.

The centre — fully leased to a mix of retail, food and beverage, office and medical-related tenants — enjoys an annual rent roll of just over $1.5m, plus GST and outgoings.

Westpac and the drive-through Burger King are the two largest tenants.

Terrace Junction had been owned for some time by a private syndicate.

scoop@scene.co.nz