Investors pitched plum units

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Four leased commercial units across three of Queenstown’s newest accommodation complexes are on the market.

The offerings – three comprising food outlets – are for sale individually, as one parcel or in any combination.

The complexes have all been developed by Auckland-based Safari Group (NZ) Ltd.

At Ramada Remarkables, at Remarkables Park, are the freehold of Frank’s Eatery, which opened in 2017, as well as the freehold of Queenstown Physiotherapy and RMA Financial, which share one unit.

Nearby at Wyndham Garden the offering’s Frank’s Pantry, which opened last year as a sister operation to Frank’s Eatery.

And at Ramada Queenstown, which opens in September on the corner of Frankton Road and Stanley Street, what’s for sale is the freehold of the yet-to-open Redwoods restaurant, which will offer casual Euro-Kiwi dining.

The units generate annual rental, respectively, of $129,306, $85,467, $111,850 and $157,000.

The four properties are being marketed by Bayleys Queenstown and Bayleys Auckland for sale by private treaty, closing August 8.

Bayleys Auckland’s Stephen Scott says the permutation of properties offers both diversity and scale to potential investors.

Bayleys Queenstown executive director Stacy Coburn notes that the Ramada and Wyndham hotels/apartments have been spurred on by the healthy financial returns generated by existing Queenstown hotels, and have come onto the market “at the head of the pack”.

“Some 16 new hotels are on the drawing board to be built in the Wakatipu.

“If all the mooted hotels come to fruition, an additional 2824 rooms would be added to Queenstown’s inventory by 2025,” he says.

They include Safari Group (NZ) Ltd’s $90 million Ramada Kawarau River property, at Remarkables Park, which comprises 87 hotel units and 97 residential apartments.

Construction there’s on track to start this month, Coburn says.

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