The first residential development north of Queenstown’s Frankton-Ladies Mile highway has just hit the market.

Waipuna Rise, across the highway from the Queenstown Central shopping complex, is within the newly-approved 27-hectare Frankton North urban area.

Twenty hectares are zoned high-density residential, with the council anticipating the area will accommodate up to 1000 residential units.

What’s come to market is the first stage of Waipuna Rise — ‘waipuna’ means ‘spring water’ in te reo Māori, and is in reference to nearby Lake Johnson.

This comprises one block of 20 apartments in a three-level building, 22 two-level duplex apartments in a four-level building, and two blocks of five terraced homes.

The apartments all come with two or three ensuited bedrooms, while the terraced homes contain three bedrooms plus a studio.

This stage will be the largest of probably five residential stages.

Some commercial development, be it retail or office space, is also envisaged closer to the highway.

Bayleys Projects marketing manager Jamie Graham says the first-stage prices range from $845,000 for a two-bedroom apartment to about $1,365,000 for one of the end terraced houses.

‘‘It’s something for everyone.

‘‘It’s good for people looking for this type of home to live in — probably not a first-home buyer because of the price, but possibly a second-home buyer upgrading, or you could be a downsizer looking for something low-maintenance.’’

Highly-specced: An example of the interior design at Waipuna Rise

With the dwellings all zoned for visitor accommodation, Graham believes they’ll also interest someone looking for a low-maintenance holiday home.

Also, he says, there’ll be investors looking to let out the units for long- or short-term rentals.

He adds the dwellings are all ‘‘quite highly-specced — you’re getting a lot of home for the money’’.

Graham also notes the location is ‘‘super-desirable’’.

‘‘Land’s only going to become more and more expensive in this area.

‘‘All the new shopping and amenities are out that way, you’re super-handy to the airport, and town’s still really accessible.’’

According to the marketing brochure, ‘‘the prominent facade is distinguished by contemporary angular roofs and striking fin balustrades — a bold aesthetic, softened with lighter materials and abundant plantings’’.

The units all come with a private garden and single garage, while there’s also a dedicated playground.

John Edmonds & Associates project manager Anton Kirkbeck says the Christchurch-based developer, Latitude 45 Development Ltd, has committed to fixing stormwater issues with ‘‘a massive infrastructure spend’’ which will benefit the entire Frankton North area.

He notes access will be via a new fourth leg to the Hawthorne Dr roundabout, which in time will be replaced with traffic lights.

Kirkbeck expects civil works will start this year and construction early next year.

The developer, he adds, is working with Kainga Ora and Queenstown Lakes Community Housing Trust on providing more affordable housing in later stages.

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