Top address: 11 and 13 William Rees Place, outlined in red, on the edge of the Lake's Edge subdivision

A waterfront site on the market at Queenstown’s Kawarau Falls has been turning heads for more than 150 years.

At the start of Kelvin Heights, the site’s at the northeastern corner of the Lake’s Edge subdivision and close to the Hilton hotel complex.

It’s also a stone’s throw from the decommissioned Kawarau Falls Bridge and its new two-lane replacement and close, too, to the burgeoning Frankton Flats and Queenstown Airport.

“It’s getting harder and harder to find any waterfront land, realistically, either side of the lake,” Bayleys agent Jimmy Allen says.

He’s listed the property with colleague Greg Ross.

The 1115 square metre, two-lot site has the sunny, north-facing, sheltered attributes which attracted Queenstown founder William Rees to build a homestead and station here in the 1860s.

The property – comprising 11 and 13 William Rees Place – is part of the high-end Lake’s Edge subdivision created by local Lakes Edge Developments directors Michaela and Chris Meehan.

To give prospective buyers a steer, they commissioned Holmes Consulting to design four luxury townhouses, two side-by-side on each lot.

Lakeside living: Plans for a possible luxury townhouse development on the site have been lodged for resource consent chosen by town’s founder

They’ve also lodged a resource consent application for the development, which is likely to be approved shortly.

Allen: “If someone doesn’t want to utilise those plans, they can redo them and lodge their own consent, but, as we know, a lot of people like things to be simplified and the hard work taken out.”

He points out the site will also front many high-end Lake’s Edge homes, some of which will be built soon, now that the civil works have been completed.

The site’s for sale by tender, closing February 13.

According to the latest rating valuations, 11 and 13 William Rees Place are valued at $1,040,000 and $1,045,000, respectively.

A nearby 3699sqm waterfront section, fronting the Hilton hotel complex, sold last year for $9.5 million.

Allen says: “We’ve had quite a bit of interest from lots of different people, predominantly Kiwis, from as far afield as Auckland and Christchurch.

“We’ve also got some really strong interest from a Kiwi living in Australia, and we’ve also had some Singaporeans look at it.”