Dual street frontage: The property has access off both Brisbane St, top, and Park St

On many fronts, a residential property for sale at the end of Queenstown’s Brisbane Street represents a unique proposition.

The three-bedroom, two-bathroom home at 27 Brisbane Street, with a two-bedroom rental unit below, is on the lakefront but elevated, for supreme lake and mountain views.

It’s got street access, and off-road parking, off both Brisbane and Park Sts.

On one side, there’s a screened-off council reserve comprising a steep walking track between the two streets.

As the property’s a substantial 1095 square metres, in a medium-density zone, it also has serious development potential.

Both home and garden have been immaculately maintained by the owners, Louise and Geoff Dalzell.

The couple bought the property, with an earlier home on it, in 1990, then developed the current one five years later.

The property also includes a sheltered little courtyard, away from the elements Park St properties are often exposed to, and is only a five-minute walk to the CBD via Brisbane St or via Park St and the Queenstown Gardens.

Private: The home has a sheltered courtyard

Local Colliers listing agent Brendan Quill says: “Properties of this nature on such a covetable street represent an incredibly rare opportunity.”

He points out a range of new commercial, visitor and residential development is underway or recently completed in the vicinity, and demand for short-stay accommodation this close to the CBD means the property could well be developed for serviced apartments or boutique accommodation.

That potential’s also reflected in the high amounts paid for properties in this area in recent times.

Amazingly, the Dalzells bid just $220,000 to buy the house at auction, but then spent two to three times that on their new home, which was designed by local architectural designer Noel Tapp.

Light and airy: The home has scope for titivation

Louise says they retained the foundation and floors to keep the footprint, while the courtyard used to be home to a swimming pool.

Louise: “It was known as a party place, but no names mentioned.”

The couple, who’d farmed near Winton, used macrocarpa from their farm for the lounge ceiling.

Geoff says he did about 20 per cent of the new build, along with the landscaping.

“Lou’s the gardener, I just do as I’m told.”

Louise adds: “We’ve developed a tremendous amount from what it was, and it’s now someone else’s turn.

“There is so much potential here.”

The property’s available for purchase by deadline sale, closing February 5, unless sold prior.