A world non-public fairness fund has paid NZ$31 million for a former Queenstown Backpacker hostel, planning to makeover the location as a boutique resort.
The take care of Hong Kong-based non-public fairness fund led by Goodwin and Kenny Gaw expands Gaw Capital’s footprint in New Zealand, following its renovation of the Haka Home flashpacker hostel in Wanaka.
The previous Base Backpackers hostel at 47-49 Shotover Road is predicted to be remodeled right into a 69-room boutique resort, “positioning it as a compelling alternative for model differentiation in one of many Southern Hemisphere’s best leisure markets,” CBRE Lodges said, the corporate behind steering the deal and performing on behalf of Prakash Pandy, one among New Zealand’s largest non-public resort house owners.
The 977sqm freehold web site has excessive visibility, advantages from heavy foot visitors, and presents proximity to key points of interest together with Queenstown Mall, the Skyline Gondola, and TSS Earnslaw Lake Cruises.
The property was vacant on the time of sale, with CBRE’s Wayne Bunz including that the transaction underscored the numerous worth of well-located present resort belongings amid rising development prices and more and more scarce funding alternatives in Queenstown’s CBD.
“Traders proceed to be drawn to funding secure havens corresponding to New Zealand and Australia. Specifically, New Zealand’s absence of stamp responsibility and capital features tax is a strong incentive for offshore capital, particularly in world-class locations like Queenstown,” Bunz stated.
“The robust purchaser curiosity within the Shotover Road marketing campaign displays the investor optimism for sustained tourism progress within the Queenstown market,” CBRE Lodges’ Peter Hamilton stated.
