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Queenstown

Prime Queenstown land – a once in a lifetime opportunity

JLL & Luxury Real Estate are marketing a large site on Vancouver Drive, Queenstown


 

 

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Queenstown Lakes District Council (QLDC) has made the decision to divest the last 9.5 hectares of Commonage land at Vancouver Drive on Queenstown Hill.

In 1971, the Queenstown Reserves Vesting and Empowering Act was introduced. This Act covered the terms of an arrangement with the local council, which saw the New Zealand Government vest 100 acres (40.47 hectares) of land on the Queenstown Commonage.

In 2017, QLDC decided to divest the last piece of the Commonage land on Vancouver Drive, a 9.5 hectare site.

JLL Christchurch Director Hamish Stallworthy says, "Queenstown is without doubt increasing in popularity with both domestic and international visitors, with many calling it the Whistler of the Southern Hemisphere."

According to REINZ, median house prices in Queenstown hit $810,000 in the year to December 2017.

"The attractiveness of Queenstown is reflected in the price of housing and the volume of tourists who visit. The Council are having to keep pace with this growth and the sale of this expansive site will assist in funding further infrastructure for the township," explains Stallworthy.

"The availability of the Commonage land for residential or hotel development in the future could add some much needed capacity to a market which is severely constrained by its geographic features," he says.

Luxury Real Estate's Nick Horton says, "This is a trophy site that is positioned on Queenstown Hill and offers unrivalled lake and alpine views. These factors alone make it an exceptional offering for developers, investors and hotel operators. We appreciate that this is a unique and important parcel of land and its eventual use will become the backdrop for Queenstown in future.

"JLL and Luxury Real Estate are dedicated to running a competitive campaign leveraging our local expertise and JLL's global reach, to ensure that the council maximises the sale price for local ratepayers, ultimately the divestment of this property will go a long way towards funding much needed infrastructure in the region" he says.

JLL's head of research Tom Barclay adds, "Queenstown is the adventure capital of New Zealand, with a range of tourist attractions available all year round. In 2017, Queenstown Airport exceeded 2,000,000 passengers for the first time in history. December was a particularly hectic month with over 200,000 passengers moving through the airport with around 26% of these being international visitors. What's more, Queenstown Airport expects passenger numbers to grow to 3.2 million per year by 2025 which will put further pressure on not only physical infrastructure at the airport, township and roading networks, but also the residential and hotel markets".

Queenstown proves popular from all walks of life due to the diversity of activities offered and the scenic beauty of the region. From skiing, mountain biking, bungee jumping to horse trekking, jet boating or relaxing with a wine in one the Gibbston Valley vineyards, there is something for everyone. Queenstown is also close to the rapidly growing Wanaka township and 'bucket list staple' Milford Sound, with many tourists combining visits to all three locations during their stay.

The site itself is a short walk to the township, Queenstown Gardens and Lake Wakatipu. It is a 10-minute drive from Queenstown Airport.

Stallworthy explains that there has been a number of potential subdivision options explored. "A zoning decision is due to be released in mid-March this year that will confirm the density of any potential development on the site."

The property is for sale by International Tender closing Thursday, 3 May, 2018.