Development potential: Five properties for sale in a very desirable, sunny Queenstown location


Expressions of interest are open for a quintessential dress-circle block right above Queenstown’s CBD.

Comprising 12, 18, 20 and 24 Park Street, and 9 Brisbane St, the block — immediately opposite the iconic Queenstown Gardens — is for sale as one 3604 square metre land holding, or in one or more parcels.

There are houses on four of the sites while 12 Park St — 1080sqm — is a commercial
ground-level carpark.

The vendor, a Christchurch company linked to a property development and construction
giant headquartered in China, last year obtained resource consent for a three-storey apartment complex over the entire site comprising 15 residential units and 14 associated flats.

The block’s been listed by local Colliers agents James O’Hagan, Raylene McQueen and Poppy Jefferies.

O’Hagan says acquiring any or all of these titles is a ‘‘once-in-a-generation opportunity’’ in a coveted, tightly-held precinct.

While the opportunity to purchase the entire block, with an existing consent, will appeal
to ‘‘larger development-type parties’’, the individual parcels could appeal to individuals wanting to build a luxury home in a premium location, he suggests.

Someone obtaining 12 Park and 9 Brisbane St, accessed off a leg-in, would have an aggregated 1920sqm site with dual street access, O’Hagan notes.

He says an extra attraction is the streetscaping project, due to finish at month’s end, which
makes the area more pedestrian-friendly.

The block’s total rateable value, assessed last September, is $13,790,000.

Expressions of interest close June 16.