‘Unique’ offering on the block

On the block: The view from the freehold 4.1-hectare site, immediately west of Arthurs Point's Bullendale, which is on the market

A rare Arthurs Point offering has already caught the eye of about 35 parties.

The site at 117 Arthurs Point Road is being sold by the family of prominent Australian electrical technician and philanthropist Frank Tomasi, awarded the prestigious Order of Australia in 2013.

Tomasi initially intended to develop the freehold 4.1227-hectare site in a 50/50 venture, Bullendale Developments Ltd, with the family of Christchurch-based contractor Buzz March, but they’re no longer involved.

The plan had been to create a development similar to the masterplanned Bullendale neighbourhood, comprising 88 townhouses, terraced-style homes and apartments, on land immediately to the east of the development site, with access through an extension to Bullendale Drive.

Colliers tourism and development broker Barry Robertson, whose marketing the site with colleague Steve McIsaac, says there’s nothing else like it on the market in the Whakatipu at present, particularly given the consents already in place.

In May, 2020, consent was issued under special housing area laws to develop the site, over 14 years, to contain 86 units/apartments and 11 residential building sites.

A condition of that consent was to give one 2152 square metre lot to the Queenstown Lakes Community Housing Trust, on which it will develop up to nine units.

A second consent was issued last year to provide an additional separate access from Arthurs Point Rd.

While the original consent notes the developer’s got a maximum of five years to develop stage one, comprising 15 residential units, Robertson says the new purchaser could seek variations, but it ‘‘may be more prudent, or cost-effective, to do all these works in one front’’.

It’s too soon to speculate on what the land might sell for, he says.

‘‘There’s a lot of background information that people are working their way through, in terms of conditions of consent and doing their own due diligence on costing … we haven’t had any feedback yet [on pricing].

‘‘We’re getting a couple of parties that are probably getting together with someone that’s got the ability to do the infrastructure work, and somebody who wants to build the end product, so it could be a consortium.

‘‘There’s nothing really like it, in terms of bare land with that consent, and with the recent sales at Bullendale, it sort of establishes the market value for the end product, which is quite a bonus.’’

The information memorandum for potential purchasers points to a couple of recent sales in Arthurs Point as a sign of confidence — last November, a 166sqm three-bed, two-bath unit at Bullendale’s Beaker Lane sold for $1.15 million — up from $830,000 in 2018.

On an elevated position with river and mountain views, the site’s minutes away from Coronet Peak skifield, about 7 kilometres from Queenstown’s CBD and 14km from Queenstown Airport.

Other recent developments in Arthurs Point include Coronet Alpine Villas, Residences du Park and The Woods, while the hospitality and entertainment offerings are also gathering steam, including the long-established Onsen Hot Pools, Gin Garden & Bar, Cargo Gantley’s Pub & Cafe and the nearby Canyon Brewing.

Robertson says the level of inquiry is ‘‘quite promising, so far’’.

The deadline for expressions of interest, through which interested parties will submit their offer along with any terms and conditions, is 4pm on August 4.

‘‘Then we’ll just look at the ability of the parties and have a second round of discussions with those who are qualified,’’ he says.

‘‘We’ve got some good local interest but also developers out of Christchurch and also Auckland … who see that there’s still good potential in Queenstown in the long term.

‘‘It’s quite unique to get an asset like this, where consents are in place and the units have the initial design done, so they know and can get an idea from next door about what the product is valued at.’’

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