The location and zoning of two neighbouring Queenstown residential properties — on the market for the first time in about 50 years — makes them a prime development opportunity.
Across Boundary Street from council’s Gorge Road carpark, and very close by Horne Creek and the Recreation Ground, the addresses are 10A and 10B Boundary St and 30 Gorge Rd.
The former, a 1222 square metre site, is occupied by a four-bedroom home with a unit, while the latter, an 1108sqm corner site, has a three-bed room dwelling on it.
The former’s capital valuation (CV) is $2,780,000, of which $2,685,000 is land value, and the latter’s CV is $3,105,000, of which $3.1 million is land value.
The sites are for sale together or individually.
Local Bayleys agent Chris Campbell, who’s marketing the sites along with Bayleys Arrow town’s Richard and Nick Newman, says they present ‘‘an extraordinarily rare offering’’, due to not only their prime location — by a public carpark and very close to the CBD — but also their combined size and zoning.
‘‘Over 2000sqm is a huge rarity, and virtually every zoning you can want is available.
‘‘The perfect storm has been created with a site like this.’’
The Boundary St property’s zoned ‘high-density residential’ and Gorge Rd’s ‘mixed business’.
Campbell says subject to resource consent both sites are suitable for a multi-unit, multi-level development, be it a hotel or apartments.
‘‘You could have some absolutely stunning rooftop penthouse views that look back into the town, the lake and mountains.’’
Though you can buy just one, he suggests ‘‘ideally you would buy both sites — that’s the key to unlocking their true value’’.
Campbell says he’s even tried, unsuccessfully, to persuade the council to buy the sites.
‘‘There’s a huge amount of inquiry coming in because people are realising how rare this offering is.’’
The properties are for sale by ‘deadline sale’, closing August 4.
