A major development opportunity beckons with a landmark central Queenstown home and neighbouring property jointly on the market.
The four-level, five-bedroom, 500 square metre brown house on the corner of Ballarat and Henry Streets, a stone’s throw from the CBD, has been owned by Queenstown’s well-known Brown family for the past 45 years.
Eleven years ago, they also bought the neighbouring Henry/Malaghan Sts corner section which has a much smaller house.
Listed by New Zealand Sotheby’s International Realty’s local office, the aggregated 1583sqm high density-zoned site is expected to sell for above its current rateable valuation of $5.5 million.
Tenders close this coming Monday.
“We’re expecting it to generate a lot of interest given the strong demand for in-town development sites of this calibre,” NZSIR sales associate Matt Finnigan says.
Under the Queenstown Town Centre masterplan, the property’s across Henry St from the proposed Community Heart Precinct featuring an arts centre, library and transport hub.
Henry St is also due to become part of the new CBD arterial route.
“The development of the proposed Community Heart Precinct makes it well suited to a range of complementary activities such as visitor accommodation, apartments or offices,” local planner John Edmonds says.
“In addition, the proposed Henry St arterial route will also significantly change the character of this area, giving the land a much higher visual presence and profile.”
Finnigan adds: “The two existing houses already offer some income potential, and we expect that any developer wanting to hold it in the interim will want to rent the houses out.”
Built at least as far back as the 1950s, the brown house, originally known as ‘Grand View’, was comprehensively rebuilt after Betty and Doug Brown bought it in 1973.
They brought up four sons, Nigel, Derek, Maurice and Julian, in the house, which at one time was the resort’s largest.
Betty died last year and Doug moved this year to a resthome.
The neighbouring home was moved on to its section in 1982.