The Capital Value of 53-57 Shotover Street has grown by approximately 8.8 per cent per annum (2017-2024), a figure comparable to the Queenstown residential Capital Value growth of approximately 8.3 per cent per annum (1992-2024).
Mr Stewart said investor confidence in the precinct was evidenced by several neighbouring landmark developments.
“Resource consent has been granted for a 185-bed luxury hotel immediately behind the site, while a Hong Kong-based company recently purchased the neighboring building for $31 million for a high-end backpacker conversion,” he said.
“Additionally, the major Lakeview development is situated just 400m away; the most accessible walking route from Lakeview to downtown Queenstown may be through the Man Street carpark and 53-57 Shotover Street.”
Beyond the immediate vicinity, Mr Stewart said the market was seeing substantial investments proposed including a number of accommodation developments and a Cable Car carrying 3,000 people per hour.
“This surge of investment indicates strongly growing confidence in the medium and long term performance of the Queenstown economy,” Mr Stewart said.
“Any significant commercial investor interested in exposure to one of the fastest growing and tightly geographically constrained commercial property markets should be considering this very rare opportunity.”
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Media Contact:
Tim Stewart
Ray White Queenstown
+64 21 728 537
tim.stewart@raywhite.com