A major selldown of prime development land on Queenstown’s Frankton Flats is underway.
The land comprises about 2.3 hectares, split into two titled blocks either side of Hall St, close to the Queenstown Central shopping centre.
It’s been part of a larger land holding, owned by Singapore-based GYP Properties, which completed the first stage of a consented 225-dwelling development — 56 four-level apartments on the northern edge called Remarkables Residences — in 2020.
GYP has put the balance of the land on the market as it’s busy with other New Zealand projects.
Listed with local Bayleys agents Mark Martin and Sheryl Williams and Auckland-based Bayleys chairman John Bayley, the property’s for sale by tender, closing November 16.
The larger block, bordered by O’Meara St, Munro Rd, Shearers Dr and Hall St, is 16,469 square metres.
The other block, bordered by Hall St and Shearers Dr, is 6753sqm.
With land in the area valued from about $1250 per square metre, the entire site could fetch almost $30 million.
Options aplenty: Up for sale are two titled blocks, either side of Hall St, however buyers can also go for one or more of six proposed lots within those blocks
The vendor, however, has also undertaken a proposed subdivision, still to be consented, that breaks down the blocks into six lots ranging
from 0.25ha to 0.47ha — four across the larger titled section and two across the other.
Buyers can make offers on one or more of these six proposed lots, Martin says, as well as the larger blocks.
‘‘It just allows buyers with a smaller budget to come in and do smaller developments if they wish.’’
The vendor’s more recently successfully amended the resource consent for the smaller of the two main blocks.
This allows for a comprehensive mixed-use plan including 82 apartments on the northern part of the site — replacing 34 of the originally-
consented townhouses — and 18 terraced homes on the southern half.
There’d also be a central courtyard, basement carpark and ground-level amenities, including a cafe.
Martin says the zoning for all the land includes education, commercial, industrial and some retail uses, however it’s probably more
likely to be developed for much-needed medium-and high-density residential units.
‘‘With civil services in place and the opportunity to acquire the sites together or separately, the proposition presents a compelling development opportunity, underpinned by Frankton’s future growth profile.’’
