Industrial foothold with future flex in Otago

A strategically positioned industrial investment in one of Central Otago’s fastest-growing service hubs is being brought to market, offering investors and future-focused buyers a rare opportunity to secure holding income alongside genuine repositioning and redevelopment potential, Bayleys brokers say.

Bayleys Queenstown broker Henry Napier, together with colleague William Gubb, is marketing the 1,007sqm (more or less) freehold property at 50 McNulty Road in Cromwell, for sale by deadline, closing at 4pm on Wednesday, 20th May 2026 (unless sold prior).

Occupying a prominent corner site with dual frontage to Pinot Noir Drive, the property sits at the heart of Cromwell’s established industrial precinct – a location increasingly defined by its role as a critical service and logistics node between Queenstown and Wānaka.

Napier says the offering aligns with a broader shift in investor focus toward well-located industrial landholdings that combine immediate income with future flexibility.

“Across the South Island, we’re seeing sustained demand for industrial assets in growth corridors where underlying land value and connectivity are doing the heavy lifting,” he says.

“Cromwell is a standout in that regard – a central hub servicing a rapidly expanding regional economy.”

The property is currently occupied by steel building producer Totalspan Cromwell, returning $70,000 net per annum plus GST and outgoings. An expiring lease provides near-term cash flow while preserving flexibility for a new owner to reconfigure, intensify, or occupy the site over time.

Bayleys Queenstown Commercial and Industrial Sales and Leasing broker, William Gubb, says this balance is increasingly sought-after in a market where buyers are placing a premium on control and adaptability.

“Investors are thinking beyond passive income. They’re looking for assets that can evolve – whether that’s through redevelopment, value-add leasing strategies, or eventual owner-occupation,” he says.

“That’s exactly what this property offers. You’re acquiring a functional, income-producing asset today, with a clear runway to shape its future.”

The improvements comprise approximately 344sqm of lettable floor area across three standalone buildings, including a single-level office with an adjoining garage, a low-stud warehouse, and a barn-style structure currently utilised for showroom, office and storage purposes.

Constructed between 2011 and 2015, the buildings provide a versatile foundation suitable for a range of industrial and trade-based uses, while the generous yard and on-site parking further enhance functionality.

Zoned Industrial Resource Area under the Central Otago District Plan, the site benefits from a wide range of permitted and discretionary uses, reinforcing its long-term flexibility.

Positioned just minutes from State Highway 6, the property offers efficient access to Queenstown and Wānaka, placing it within a tightly connected triangle of population growth, tourism expansion, and infrastructure investment.

Napier says these structural drivers continue to underpin demand for industrial land in the region. “As residential growth accelerates across Central Otago, the need for supporting industrial and service infrastructure grows in tandem,” he says.

“That dynamic is translating into consistent occupier demand and, importantly, confidence from buyers who understand where the region is heading.

“This is a straightforward proposition with multiple pathways,” he adds. “You have income on day one, a strategic landholding in a proven location, and the ability to respond to the next phase of the market on your terms.”