Buyers land-bank Queenstown site

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This major Queenstown development site behind the Heritage Villas has been sold unconditionally in a mortgagee sale.

Bayleys Queenstown managing director David Gubb says the 9107 square metre site – in two titles, off Fernhill Road – has been purchased for an undisclosed price by Otago/Southland buyers.

“They have got a land-banking view on it.” 

Gubb confirms the sale arose from negotiations after the tender closed on June 16.

The site – zoned for visitor accommodation – is unique in the district plan because the owner can build higher than 10m at the discretion of the council.

At least three resource consents for visitor accommodation have been issued for the property but none have got off the drawing board.

Bayleys was commissioned to sell the property by the receivers of NZF Money – owed almost $4 million after the last owner was placed in liquidation and receivership in 2011.