Considering how tightly held Queenstown CBD property is, a Shotover Street building listed for sale is likely to generate a fair bit of interest.
At 15 Shotover St, facing Athol St, the property’s long been owned by a local businessman who also developed the first floor.
Its ground floor’s occupied by outdoor sports retailer Small Planet, while the first floor’s vacant, although there’s strong interest from a well-established food and beverage operator.
With a land area of 319 square metres and total floor area of 585sqm, the property’s being marketed for deadline sale by local Bayleys agent Chris Campbell.
‘‘To get into the Queenstown CBD is very difficult, so it’s a fabulous opportunity to be able to get into it at a reasonable price,’’ he says.
He believes the building makes a good long-term investment as it’s been ‘‘over-engineered’’ in terms of its construction, while its location, opposite the Athol St carpark, adds to its appeal.
Additionally, he notes another floor could be added.
Campbell says Small Planet, which has a long-term lease, is a very reputable tenant.
The ground floor was originally occupied by the town’s only bakery.
‘‘It was iconic for many a local.
‘‘There was nothing better than two fresh steak and cheese pies to eat on the way up the mountain to start your day.’’
The original first-floor tenant was a church, followed, in ’93, by the popular Little India restaurant then, more latterly, by The Spice Room.
‘‘That only came to an end because of, obviously, Covid,’’ Campbell says.
The leasing of this space, which includes a commercial kitchen and bar, is being handled by fellow Bayleys agent John Archibald.
The property’s capital valuation is $7,990,000, comprising $4,560,000 in land value and $3,430,000 in improvements — the current ground floor rental, for 295sqm, is $191,226 a year.
Campbell suggests offers over $7.5m would be considered.
The sales deadline’s March 24.
