Guess What? You can buy a massive slice of densely-forested hill high above Queenstown’s Fernhill.
A whopping 57.28 hectares is on the block for an eye-watering $4.7 million.
Local Professionals marketing consultant Peter Nelson, who’s listed the ‘trophy land holding’, admits a lot of people are surprised the land’s in private ownership.
“They probably think it’s council [owned] or something.”
“It’s a special spot because it’s still close to town and it’s got the best of the views from Fernhill.”
However anyone worried about rows of unsightly housing high above Fernhill can rest easy – for now.
The land’s zoned ‘rural general’ and it’s outside the local council’s urban growth boundary.
“It’s not like it’s [zoned] low-density residential, otherwise you might already have found houses built up there,” Nelson says.
Pelican Property Company Ltd bought the property in 1988 for $300,000 and sold it to Passion Development Ltd, 17 months ago, for $1,700,800.
Passion Development is 83 per cent owned by local property manager Min Yang’s Kangsen Holdings and 17 per cent by Aucklander Zhi Liu.
Passion Development and Jade Lake Queenstown Ltd are behind controversial plans for a Fernhill residential complex, amidst established housing.
Yang says of the 57ha: “The site is potentially for further house project to increase the house supply in town centre area to relieve the shortage of house supply”.
Nelson says Passion Development drew up a concept plan for about a fifth of the property, splitting it into about 14 parcels of varying sizes, according to the land contours.
“I don’t believe it’s ever gone any further – it’s not gone to the council.”
He believes any new buyers will have their work cut out to rezone the land for housing.
If that’s not possible, “maybe you could turn it into three to five rural sections, and have an exclusive residence up there”.
See Mountain Scene for: Fernhill housing complex unveiled