A major development site at the Frankton entrance to Queenstown has been snapped up.
An undisclosed local buyer has – by mortgagee tender – bought the vacant property between the Frankton cemetery and the City Impact Church and opposite Queenstown Events Centre.
It’s understood the purchase price was more than $2 million.
The 34,048sq m property, with about 24,000sq m of useable area, was formerly owned by Shotover Property Investments’ Noel Fitzgerald, of Timaru, and Russell Lund, of Dunedin.
Fitzgerald and Lund together floated plans for worker accommodation on the site several years ago.
Locations Realty managing partner Stacy Coburn (above) says six tenders were received following more than 50 enquiries.
“The scope for potential future use is where the added value is and the majority of enquiry was around that.
“The town is moving further out and more land in this strategic location, with the appropriate zoning, is certainly very desirable.”
It’s understood the new owner is interested in developing retail lease space.
The sale was brokered by Coburn and his colleague Marty Barwood.