Rare block of 10 apartments up for sale

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A lakeside block of 10 apartments in Queenstown is up for sale as a single entity. 

The block, dubbed Tussock Creek, is made up of five furnished studio apartments and five furnished two-bedroom apartments in the recently completed Marina Heights development. 

The vendor is asking $2,149,000 for the units, situated on Marina Drive, just off Frankton Road. Annual rates are $14,600. 

Bayleys agent Beata Pociecha, marketing Tussock Creek, says it’s rare for a block of this size to come onto the market as a single offering. 

“There are obvious economies of scale for anyone looking at this block for its letting potential.” 

Alternatively, there’s potential for investors to tap into the tourism sector and offer the units as serviced apartments, or pool them in a time-share structure, she says. 

“The location is likely to be a draw card for tenants – stunning views of Lake Wakatipu and the Remarkables – all within a five minute drive from central Queenstown and Queenstown Airport.” 

Tussock Creek has a land area of 2023sq m – with studios measuring 26sq m and two-bedroom units at 52sq m.