Most of the units have sold at a $25 million hotel project next to Queenstown’s airport - just as construction work starts in earnest.
Auckland’s Safari Group is the developer and builder of a four-level 54-unit Ramada Hotel at Remarkables Park, Frankton.
Safari Group owner Robert Neil says 33 of the 54 units have been sold – freehold titles with a maximum 30-year commercial lease, with a free-use clause of 10 days a year.
Prices range from $197,000 to $550,000 – with a gross return of up to 7.5 per cent.
Major marketing campaigns were held in New Zealand, New Caledonia and Singapore last week.
Safari is also selling units in another Ramada property in Auckland and a Quest-branded development in Taupo.
As part of the Remarkables Park development, Safari is also leasing 1000 square metres of retail space and it is about to market 400 square metres of office space.
”We are looking at other options in Queenstown,” Neil says.
”But we want to get this one up and running a little further before we commit to anything else.”
Safari Group originally hoped to start construction before Christmas but Neil says there were delays with design and consenting.
The main concrete pour is scheduled for this week.
At the height of construction, up to 150 workers will be on-site – with completion set for April or May next year.
”We started three or four weeks ago,” Neil told the Otago Daily Times.
”A crane will go up inside of the next three to four weeks for our structure to start coming out of the ground.”
Otago Daily Times