A large development site in a prime central Queenstown location is on the market.
The high-profile site, owned by long-time Queenstowner Lew Gdanitz and a Christchurch business partner, is on the intersection of Stanley and Shotover Streets and Gorge Road, beside the main council offices.
The pair have commissioned concept plans for a $50 million, 202-room hotel and retail development, designed by prominent local architect John Blair, though they’ve yet to obtain a resource consent.
The sale comes as Mountain Scene reveals large tourist groups are snubbing New Zealand because of a .
For sale by tender is either the entire 2990 square metre block or five individual lots.
Those lots, aggregated some time ago, comprise three tenanted commercial buildings, a vacant lot leased for carparking and a two-level unit-titled block of 10 apartments.
Most leases are on monthly terms only, providing flexibility for redevelopment.
Surprisingly, perhaps, the rent roll is more than $650,000 a year.
Local Colliers International managing director Alastair Wood, who’s marketing the property with his colleague, tourism broker Barry Robertson, says: “For land to be made available on such a high-profile corner at the gateway to the Queenstown CBD is very rare.
“This is a unique opportunity being offered to the market at a time when we have seen unprecedented growth in our tourism market.”
Robertson adds: “There’s an undeniable appetite for downtown commercial and hotel development sites.
“Properties like these are a sought after commodity.”
The land sits within the Queenstown council’s high density residential zone.
In the proposed district plan, however, it’s part of a town centre zone extension as the CBD evolves into “a higher intensity and high quality urban centre”.
Robertson notes that no one’s objected to this proposal.
Part of the site has been earmarked for a traffic bypass between Melbourne, Henry and Man Sts, to relieve CBD congestion.
Last year, however, the council agreed to delay the link till at least 2040.
And council boss Adam Feeley said this was only one of a number of options for rerouting traffic.
Only last September, Gdanitz - who’s started building a $10m, 54-room boutique hotel on nearby Henry St - and his partner announced plans for a 202-room four-and-a-half star hotel on the site.
It would be accompanied by about 1800 square metres of ground floor retail and 52 underground carparks.
The pair had earlier proposed a 110-room hotel.
However a report by the council’s urban design panel “suggested that the site was so special that we could well consider increasing the height of the building”, architect Blair told Mountain Scene.
Gdanitz said he was delighted that the site could accommodate a larger hotel: “The key driver is the major shortage of accommodation in Queenstown.”
The tender deadline for the site is March 22.