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Multiple development opportunities outlined for Queenstown
Multiple development opportunities outlined for Queenstown lakeside land
An imposing piece of Queenstown waterfront land identified as being eminently suitable for the development of either a multi-level residential apartment block or a four-five star hotel has been placed on the market for sale.
The 5499 square metre site at 595 Frankton Road is zoned High Density Residential under the Queenstown Lakes District Plan. Resource consent for the construction of a 99 unit hotel development has been issued, which will enable the project to proceed immediately to meet the huge demand for extra commercial accommodation in Queenstown.
The hotel-focused consent also allows for the building of 76 covered and open air parking bays, three bays parking bays, reception area/meeting rooms/staff amenities, a manager’s apartment, and direct access to the lake.
Minor tweaking of the development plans to reflect a residential opportunity now also allows for the construction of 100 residential units and 77 car parking spaces. The apartments encompass a range of one, two and three-bedroom residences.
The property – complete with development plans - is being marketed for sale by BayleysLocations Queenstown for $4.75 million plus GST. BayleysLocations salesperson Max Guthrie said a considerable amount of initial development work had already been undertaken at the site over the past decade.
This work schedule included construction of an access drive off Frankton Road and leading down to the lakefront, the installation of retaining walls, bulk excavation landscaping, and the partial laying down of infrastructure services such as water, electricity, telephone lines, gas ducting and sewerage.
“The development plans for this site are some of the most liberal approved in the region – allowing for a flexibility of end-usage depending to what any potential new owner can see as delivering the best returns,” Mr Guthrie said.
“Although the site was originally approved by the council for use as visitor accommodation, it is possible to amend the plans to provide for an alternative use within the ‘envelop’ of the existing consent.
Mr Guthrie said a potential developer could take advantage of the district’s dire housing shortage through the construction of apartments in the mid-pricing range. He said the Frankton Road greenfield space was one of a number of pockets of land identified as being able to absorb housing with limited impacts on the environment because of its immediate access to existing infrastructure.
“With the median price of a section in the Queenstown Lakes District at around $259,000, and that is just for the land, apartment dwelling is now a viable option – especially as this site is a mere 15 minutes walk to the CBD,” Mr Guthrie said.
“The waterfront location of this property, its proximity to town, and the vistas which the units will enjoy across the lake and over to The Remarkables, effectively mean that should a residential block be built, they will sit somewhere above the median price level and with a leaning towards the upper pricing bands being achieved in town.
“Much of the hard work on this site has already been done – both physically and administratively. However, the various owners/investors in the project are now looking to pursue other opportunities and have therefore agreed to pass on the next phase of the plan to someone else to complete,” he said.
Alternative development plans for the site have been informally submitted to Queenstown Lakes District Council’s urban design panel by site co-owner and architect Fred van Brandenburg. Mr Guthrie said the review had been favorably received by the council representatives, and the “visually extraordinary” concept plans would be made available for viewing by potential purchasers.
Otago-based Mr van Brandenburg’s proposal for the site is based on the influence of famous Spanish architect Antonio Gaudi whose ‘curvilinear geometric building designs’ from the turn of the 20th century are seen throughout his native city of Barcelona.
ENDS
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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