Big price for strategic site

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A real estate agent describes a central Queenstown listing as “a little bit of a sleeping giant”.

The 936 square metre Melbourne Street property (left), occupied by a three-bedroom, 1970-era brick home, is directly opposite the Holiday Inn Express hotel, currently under construction.

Formerly occupied by Queenstown’s postmaster, the property was passed in at auction last October, but has now been listed for $2,750,000.

That equates to a hefty $3000 per square metre, however local Colliers International agent Stephen Hebbend says that’s been the going rate for recent sales of other comparably-zoned central Queenstown properties.

The property’s been owned for a long time by fellow Colliers agent Rowan McDonald, and is leased till next month at $900 a week.

In a report for McDonald, local planning consultant Jenny Carter says under the proposed district plan the site’s development potential has increased – the as-of-right height limit, for example, goes from eight metres to 12m.

“Visitor accommodation will continue to be an anticipated activity,” she states.

Hebbend notes the property’s also strategically-sited alongside the proposed CBD bypass.

He says he’s working with would-be buyers introduced to the property through the auction process.

– PHILIP CHANDLER