Colliers Wānaka open new office and new commercial property division

Following a successful launch in the Wānaka premium residential market earlier this year, Colliers is expanding our commercial brokerage presence alongside the official opening of our new premises this month.

Geoff McElrea, a highly experienced property consultant and registered valuer, is moving from Colliers’ valuation division to head up our organisation’s new commercial agency business in Wānaka as a Commercial Broker.

McElrea brings nearly 20 years experience of working in the commercial and industrial real estate sector in the Southern Lakes District. This analytical perspective forms the basis of his solutions-driven approach.

He will spearhead the commercial division, working closely with Director and premium residential Sales Consultant Craig Myles, who joined Colliers when the Colliers Wānaka franchise was launched in February 2022.

The team are looking forward to operating from our new bespoke premises at 38 Helwick Street in downtown Wānaka.

“It’s a highly functional and flexible space that has a purpose-designed fit-out to create an outstanding office environment for team members and clients,” McElrea says.

“The commercial and industrial property markets in Wānaka remain active across all sectors, underpinned by continuing population growth, a buoyant construction industry and a recovering domestic tourism market, making it an exciting time to consolidate Colliers’ position in commercial brokerage.”

McElrea notes the ongoing growth of the area bodes well for the future, and international tourism numbers are tipped to grow to pre-Covid levels within the next three years, which will provide additional strength to the Wānaka market.

“Town centre business positivity is returning and an eye to the future is apparent with many in expansion mode, enquiring about or taking on new or larger premises as they focus on more stable economic conditions ahead.

“There were a number of commercial sales that transacted last year, ranging from $2.4 million through to $11.4 million with yields generally around 3 to 4 per cent.

“Property in the town is tightly held and there is currently little to no commercial vacancy. Recent leasing evidence indicates market rents are stronger than pre-Covid levels.

“Industrial land has seen significant value growth since Covid-19 with recent sale prices sitting around the $750 to $900 per square metre mark. There are very limited vacant industrial sites currently available to purchase.”

Several large projects are set to commence construction in Wānaka that will further support the local economy, including multiple retirement villages, a hotel, and the widely-publicised film studio.

“There is a lot of enthusiasm and opportunity, which is exciting to be a part of.”

Mark Synnott, CEO of Colliers New Zealand, says it is positive to see the organisation growing and expanding its reach in the South Island.

“Geoff’s wealth of knowledge and relationships in the region create a strong opportunity for an incredibly successful future for Geoff and the Colliers team in the commercial and industrial agency space in Wānaka,” Synnott says.

“The collection of notable projects on the horizon highlight it is an ideal time for Colliers to expand its footprint and build our capacity to deliver outstanding results for clients.”