One section, two properties

Options galore: Two properties on the same Dublin Street section are on the market

A Queenstown property, with potential for rental income of about $81,000 per annum, is being touted as an ideal staff accommodation solution.

New Zealand Sotheby’s International Realty sales associate David Penrose says 5 Dublin
Street represents a ‘‘very rare offering’’ in the resort.

The 613 square metre section currently holds two stand-alone homes.

One is a three-bedroom, two-bathroom house, with a floor area of about 100sqm, built
around 2005, while the second, older home is a 183sqm five-bedroom, two-bathroom home.

Penrose says the government valuation’s $2,550,000, however all offers will be presented to the Kiwi vendors.

‘‘They’ve held the property for a number of years, and I think they’re probably at an age and stage of life where the opportunity’s going to be passed to somebody that’s got the skillset for maybe developing down the track.’’

Unlocking views: There’s potential to further maximise lake views from the upper levels

The property’s an easy five-minute walk to Queenstown’s CBD, boasting lake views from
the upper level, and is also zoned high-density.

That comes with a 12-metre height limit, which means the new owner could look to redevelop the whole thing to create a multi-unit development.

‘‘The way I sort of view it is it’s a perfect holding opportunity, where you can develop an in
come stream until such time as you want to develop the site,’’ Penrose says.

‘‘I think it’s a sitting duck for somebody that needs staff accommodation and wants to do
something about it.’’

While the property has a single-car garage, he estimates at least four vehicles could be parked off-street, with all-day parking available on Dublin St.

But he agrees given the proximity to town, occupants probably wouldn’t even need a car.

To date, there’s been ‘‘very good interest’’ in the property, largely from across New Zealand.

‘‘Some are looking at it from a development point of view … it’s a perfect opportunity for serious investors, developers, and somebody looking for staff accommodation.’’

He notes the new owner could always get the best of both worlds — rent the properties out as staff accommodation in the short- to medium-term, and, once resource consent is granted, redevelop the whole site.

The property’s on the market for sale by deadline, closing 4pm on August 19.

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