Prime site sales are heartening’

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Two prime Queenstown development sites have sold in what a local real estate agent calls a “heartening” sign. 

Bayleys Queenstown has negotiated the mortgagee sale of a half-dug 1.2 hectare site by Pounamu Apartments, on Frankton Road. The plot was consented for a $60 million, 103-room Hilton hotel two years ago 

Neither the buyer nor the price can be disclosed, Bayleys owner David Murray says. 

Bankrupt Auckland developer Dan McEwan’s hotel development company, which was behind it, was liquidated in November 2008 by Inland Revenue. 

Bayleys was instructed to sell the site last year by mortgagee ANZ Bank. 

Meanwhile, local Har­courts agent Warwick Osborne has sold a long-vacant 2800 square metre site on the Frankton Rd/Brisbane Street corner to an undisclosed Australian buyer. 

Osborne wouldn’t dis­­­­close the price. 

The new owner is looking at several options including a consented 45-unit accommodation complex, Osborne says. 

Murray says the two sales show “there are purchasers who see beyond the current malaise and are positioning themselves for the next phase of expansion. 

“There is a heartening pinprick of light at the end of the tunnel.”