Queenstown Lakes District Council plans a lucrative subdivision if it can complete a land swap with the Department of Conservation.
Council wants to swap six hectares it administers on Queenstown Hill above the Commonage Close complex – in return, council wants eight hectares of DoC land near Queenstown Hill’s Vancouver Drive.
A decision on the swap is expected this year – and if it happens, the council plans to subdivide the former DoC land into 64 sections.
Council contractor APL Property’s Jo Conroy says: “There’s some really small sites, just because of the way the land falls, and some bigger ones at 1000-1200 square metres.”
As well as to-die-for views, she says it’s a very sunny spot.
If the swap’s agreed this year, Conroy says it’ll be at least 2014 before the first sections hit the market.
The record price for a Commonage section is believed to be held by Kiwi yachting boss Grant Dalton. At the peak of the property boom in 2007, Dalton’s family trust paid $2.5 million for 4331sq m – $577 per sq m.
At that stratospheric price, larger subdivided sites on the present DoC land could fetch almost $700,000.