Contracts for more than half the first stage of a $190 million Queenstown townhouse development have been snapped up.
Properties Ltd is developing Remarkables Residences on the Frankton Flats, between the Five Mile shopping centre and Pak’nSave supermarket.
It’ll comprise 225 three- and four-storey townhouses.
The first stage will be 56 townhouses, priced under $1m.
Local Bayleys big boss David Gubb confirms 25 are now unconditional on the purchasers’ side, with nine more under contract and five on hold.
Buyers are predominantly from Queenstown and Auckland, he says.
“We’re getting very close to the threshold of the project proceeding.
“We’re waiting for a building consent and a builder will be appointed shortly.”
GYP boss Stanley Tan says from Singapore: “We are pleased with the sales progress.”
Consents lodged with Queenstown’s council show the first blocks will be two 12-unit complexes and a seven-unit block of terraced homes. The value of the work is $10.5m.
Gubb: “Work will start before Christmas.”
Four stages are planned after the first.
“Some of them are investors who have already got property in Queenstown – so buying them for investment to rent out.”
Development plans from Auckland’s Ignite architects show typical floor areas across the development range from 145 square metres to 171sq m.
Pocket parks dot the site.
Auckland company Dominion Constructors is undertaking civil works for the 3.84 hectare site.
The firm is also shaping the 4ha Queenstown Central shopping centre being built next door.
The anchor tenant is Kmart, which is building a 4000sq m store department store – about 40 per cent of the first stage’s retail space. There’ll also be 4500sq m of office space.
The first stage should be completed in October next year.
Queenstown Central boss Simon Holloway tells Mountain Scene: “The Kmart basement’s the first area that we’re focusing on, because that’s obviously the biggest building and the longest construction period.
“The basement excavation is almost complete and they’re starting now the cut of the foundations. There’ll be concrete going in there in the next few weeks, I imagine.”
Colliers International’s national boss of real estate management Richard James reveals homeware store Mooch will move to Queenstown Central from Remarkables Park.
James says Queenstown Central plans “significant development” on the rest of its 23ha site.
Colliers’ NZ retail boss Evan Harris says 35,000 permanent residents in the centre’s catch-ment area spend $341m a year on the retail sector, including more than $40m at department stores.