Three neighbouring Queenstown homes on the market present a plum development opportunity.
The 2125 square metre parcel – comprising 90, 92, and 94 Thompson Street – is one of the resort’s few high-density residential properties currently for sale.
According to property records, the central Queenstown site was aggregated by Christchurch interests last year for $3,780,000. It has 60.4m of street frontage.
Local Colliers International tourism broker Barry Robertson, who’s marketing the site with colleague Sophie James, calls Thompson St “a developing area” with two or three big apartment developments in close proximity.
He says an architect’s bulk and location study, commissioned by the vendors, shows you could develop about 3200sqm of gross floor area, as of right.
“You could get a boutique hotel of 50-plus rooms or a lesser number of large managed apartments.”
The development potential, however, could be improved under the district plan review.
Before developing the land, any new owner could take advantage of healthy rental income. Currently the 1950s houses, ranging from 100sqm to 160sqm, are rented out for between $320 and $675 a week.
Bordering council reserve, the homes all have great lake and mountain views enhanced by panoramic windows.
Robertson adds: “They all have potential to be improved to increase rental income.”
The site is for sale by deadline private treaty, closing today.