PHOTO: STUFF Central Queenstown is becoming the domain of tourists, according to a Colliers International property report
Consistently high Queenstown property values are pushing many businesses and residents to nearby Frankton and wider Central Otago, a new report says.
Colliers International’s annual Otago property market review says while the overall market appears to be “taking a breather”, commercial, retail, industrial and tourism-related property remain strong performers.
However, soaring rents and land values are pushing many retail businesses out of central Queenstown to Frankton Flats – a commercial development near the airport – and industrial occupiers are moving to Cromwell in the face of land shortages.
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