One of central Queenstown’s choicest development sites is on the market.
The 934 square metre site – comprising 105 and 107 Beach Street – is a stone’s throw from both downtown Queenstown and Queenstown Bay.
Occupied by two houses, one of which is used as a hairdresser’s studio, it neighbours Lake Street and the Crowne Plaza hotel to the east and The Waterfront apartments to the west.
Crowne Plaza marks the start of a ‘golden mile’ of visitor accommodation, all the way to the YHA Queenstown Lakefront hostel.
The site’s zoning – high-density residential, sub-zone A – allows for apartment/multi-unit, visitor accommodation or residential development options.
Its contour also allows for increased height limits compared to a flat site – The Waterfront apartments, for example, are five levels high.
Local commercial broker Mark Simpson, from listing agency Colliers International, says: “In terms of opportunities to the market, it’s probably more likely to be townhouses or higher-end apartments, like further up Lake Street. But every interested party will have a different view.”
The property’s rating valuation is $2,725,000, of which $2.7m is land value, however Simpson points out that figure is now two years old and was done for rating purposes only.
The property is for sale by deadline private treaty, closing October 4.
Owner Adam Benn, of Wellington, has had it for 16 years.
Simpson suggests a new owner is likely to develop the land.
“With the appetite from funders, due to low interest rates, developers are starting to become more active again.”
The houses were formerly staff accommodation for the hotel across the road, which used to own the property. In 1984, the owners of the then Travelodge hotel applied to use the site, and Lake St, for an 89-room extension plus a 200-delegate convention facility and associated facilities.
The Travelodge owners sought permission from the then Queenstown Borough Council to rezone the site and close half of Lake St.
The plan was later abandoned, however.