A $100 million housing complex is planned for Frankton Flats in Queenstown.
The Remarkables Residences Ltd applied for resource consent last week for 225 mostly four-bedroom terraced houses between the Five Mile shopping centre and the soon-to-open Pak’nSave supermarket.
The 3.84 hectare site was bought by listed Singaporean parent company GYP Properties Ltd in May for $19.2 million.
The vendor, Auckland developer Queenstown Central Ltd, gained consent in August for a $100m town centre right next door, including plans for a Kmart department store.
Remarkables Residences is a Queenstown comeback for GYP Properties’ Singaporean principal Stanley Tan, who co-developed the resort’s Heritage Hotel 20 years ago.
His company proposes “truly affordable homes to meet the needs of current and future generations in the Queenstown community”.
News of the $100m proposal follows the announcement last month of a $30m worker housing complex for Gorge Road.
A solid pipeline of projects should be music to the ears of local councillors, elected last Saturday, who have the difficult job of finding a fix to the town’s housing woes, as house prices and rents spiral to unaffordable levels.
Asked to comment, new Queenstown mayor Jim Boult says: “I don’t have detail of the style of housing or their pricing but clearly there is pressure on housing in the district and providing the development complies, then it would appear to be a very positive move.”
Remarkables Residences’ application says the townhouses are “aimed at owner-occupiers, families and key workers”.
“A proportion … will be held by an institutional investor and made available as professionally-managed long-term rentals.”
The complex has been designed by Auckland-based Ignite Architects, while local consultants include landscape architects Baxter Design Group and engineering consultancy Fluent Solutions.
The developer asks the council to process the consent on a non-notified basis, since the land was set aside for mostly medium and high-density housing in council’s plan change 19.
According to its application, the company would build 24 ##rows of three and four-storey terraced housing.
Each block will have a different design.
Seventy per cent of the townhouses will be three-storey, four-bedroom units.
The rest are three to five-bedroom units with a self-contained studio capable of being rented out or an office/study.
The application says the layouts will suit “traditional families, rental accommodation, worker accommodation and flatting situations”.
Each unit will have a lower-ground two-car garage and the equivalent of at least one on-street carpark.
A nearby bus stop is also proposed.
Six small public parks – managed by a residents’ association – dot the subdivision.
the developer hopes to start construction, in stages, from the middle of next year.
Local realtor BayleysLocations is expected to start marketing the townhouses early next year.