A prime waterfront section within Queenstown’s prestigious Kawarau Village has been placed on the market for sale - following the recent multi million dollar sale of a nearby site in the same area.
The approximately 3800sqm section for sale sits on the shores of Lake Wakatipu in Queenstown’s premier lakefront tourist and dining precinct. Surrounded by world-class infrastructure, it is located next to the award-winning five-star Hilton Resort and Spa, comprising exclusive rooms and suites, restaurant and spa facilities.
A 3699sqm site adjoining the Hilton complex was recently sold by Bayleys for $6.2 million to a developer who is understood to be planning a number of residential homes on the site.
Under the Queenstown Lakes District Plan the property for sale has High Density Residential zoning, providing scope for extensive development, including allowing for high density residential accommodation, hotel development and associated retail activity.
The property has been placed on the market for sale through Bayleys Queenstown through a tender process closing on August 27. It is being jointly marketed by Greg Ross of Bayleys and Cam Reed of Ray White.
In addition to being in the heart of this flourishing area, the property is located less than five minutes’ drive to Queenstown Airport, the Remarkables Shopping Centre, Jack’s Point golf course and is in close proximity to the region’s major tourist attractions. Queenstown’s CBD is a 10-minute drive away or even less by water taxi, which leaves from the jetty at Kawarau Village.
Mr Ross said the section’s location and its numerous development opportunities made it an attractive opportunity to investors.
“The north-facing, freehold site is ideally positioned within a highly sought-after growth area, and boasts panoramic views over Lake Wakatipu. Development opportunities include varied residential, commercial and tourist ventures,” he said.
The land has previously been granted resource consent for a five level hotel complex, complete with food and beverage, conference and retail facilities, said Mr Ross. Preliminary architectural plans have also recently been prepared for two separate schemes - a 179-room hotel complex and a 76-unit apartment development.
“This site provides investors and developers with incredible scope to take advantage of the ever increasing tourism market.”
Statistics from Queenstown Airport show annual passenger numbers have more than doubled since 2005, making it the fastest growing airport in the country, with the total number of passengers for the year ending 31 March 2015 up 10 percent from the previous year to 1.37 million.
Queenstown Airport’s Statement of Intent 2016-2018 conservatively forecasts this growth continuing with 1.61 million passengers expected in the year to 2018 and 2.3 million by 2037.
The opportunity to develop accommodation on the site, in a highly desirable area, would help meet a growing need in the popular tourist destination, said Mr Ross.
“Investors and developers could take advantage of the huge scope for development represented by this site, given its size, location and flexibility for use,” he said.
Queenstown continues to be an increasing tourist magnet, resulting in growing demand for accommodation in the region and a projected future shortfall.
According to Statistics New Zealand, more than 1.8 million international guests visit the region each year, with the number of domestic visitors also on the rise. Total annual visitor expenditure for the region recently increased to a new record of $1.37 billion.
This year the region was named the number one destination in New Zealand and the South Pacific in TripAdvisor’s 2015 Travellers’ Choice Awards. It is the third consecutive year Queenstown has won New Zealand’s top destination and the first time it taken out the title of best South Pacific region.
“This section offers an astute developer/operator the ability to secure an attractive piece of land in a stunning, accessible and popular location,” said Mr Ross.