Do you remember the old cinema and bowling venue that once entertained people in Queenstown? Well, whether you do remember or not, you should know that the entire site that has more than just these two is finally put out for sale. The area already received the approval to be transformed into a new and modern commercial building, with a total number of six storeys and underground parking spaces. Thus, the residents of the neighborhood can expect new stores and restaurant to appear in the new future, even a top-notch cineplex at the 250 Commonwealth Avenue address.
A Cushman & Wakefield marketing agent said that it is expected for the site to reach a value of more than $200 million. It is worth mentioning that the site was leased for 99 years, a process that started back in 1975, on the 1st of January. This means that there are left 55 more years of the lease, from the 1st of January 2019. According to the same agent, the site is a very rare occasion to obtain a great commercial space located in the center of Queenstown. Considering how the neighborhood developed so far, we can understand why this is a valid affirmation. Sites like this one will rarely emerge on the property market, so anyone interested should be ready to fight for it. The truth is that Queenstown is a mature neighborhood indeed, very appreciated, and, at the moment, this site is the only opportunity to land a commercial area so close to the residential properties.
Besides this, let us not forget that recent cooling measures slowed down the developments in the residential sector, which means that property developers will direct their attention, and resources, on the available areas with commercial potential. Also, commercial spaces are saved from both buyer and seller stamp duties, which is another advantage that will draw investors in this particular sector. The truth is that the new commercial space that will be developed at 250 Commonwealth Avenue will come to the benefit of a very large number of residents. More than 17,000, to be more precise, which live in both new and old residential spaces. Plus the neighborhood and nearby areas will continue to develop, as more people are looking to move into the area. Thus, even is a commercial space is more than welcome, it will have to be well-made and thought, as Nicholas Mak, the executive director of the ZACD Group, stated. It should be both sustainable and have what it takes to lure shoppers in.
Between the 70s and 80s, the cinema located at the address was highly popular among the residents of Queenstown, being the preferred entertainment spot for adults and students alike. But, in 2013, the cinema was closed and put out of use, just to be dismantled later on. As a detail for anyone interested in this tender, it is worth knowing that it will come to an end on the 8th of January, 2019, at 3 P.M., so all bids must be placed until then.
This is definitely something beneficial to residents who are staying near the Queenstown area. Here are a list of new launch condos that are near the vicinity.