A plum development site along Queenstown’s Frankton Road has sold for $6.2 million, including GST.
Situated on a prominent spur, less than 1.4km from the CBD, the 4160 square metre site – immediately above Lake Wakatipu – is zoned for visitor accommodation.
Formerly owned by a Kiwi based in the United States, it’s been bought by an Auckland-based investor, according to local New Zealand Sotheby’s International Realty sales associate Matt Finnigan.
The recent $16 million sale to SkyCity, of a larger Frankton Rd block, “probably helped demonstrate some of the market values”, he says.
In July 2017, its government valuation was $5,380,000.
Finnigan says the vendor had completed a lot of preliminary works including a sealed driveway off Frankton Rd, a retaining wall and geotechnical reports.
He’d also commissioned architectural modelling showing the site could be developed for 24 townhouses or 69 hotel rooms.
The new owner has “no immediate plans”, Finnigan says.