Queenstown land earmarked for a failed affordable homes development has been put on the market for $4.3 million.
Q Box Motorhome Park, off Gorge Road, was set to become the Bowen Street Cottages development – 32 homes priced $275,000 to $445,000.
But the would-be developers pulled the pin in late July after delays in the resource consent process and increased costs, leaving dozens of depositors disappointed.
Gerry Oudhoff, part-owner of Bowen Creek Investments Ltd, told point of view, the project wouldn’t work.
“I have exhausted all options … I don’t think I will waste any more time on it.”
He’s now put the land and business up for sale.
Oudhoff bought the 1.25 hectare site in August last year with wife Sharon and business partner James Hennessy – for $2.45m.
Q Box is on the market as a freehold going concern, offering a “valuable and rare landbank opportunity”.
The business is also available as a leasehold interest at $215,000 plus GST with a yearly rental of $230,000 plus GST.
But it ‘ideally’ needs $75,000 of improvements.
Broker Adrian Chisholm, in the ad, says: “There is an opportunity to invest another $75,000 plus GST to finish off this complex and then use the cashflow to service the landbanking of this very valuable 1.2529ha site just 10 minutes’ walk from downtown Queenstown.”
Oudhoff and Hennessy couldn’t be contacted for comment yesterday.