Marketing has started for Queenstown’s $1 billion master planned community on the site of a former campground on Lake Wakatipu.
The 3.3ha site near the Skyline gondola, called Te Taumata Lakeview, will be developed over ten years and comprises residential apartments, three hotels, a business centre, health and wellness facilities, retail, art galleries and restaurants. Thermal pools are also proposed on the site but awaiting approval.
Architects’ concept drawings for the project, driven by a consortium of Melbourne-based developer Ninety Four Feet, property company Centuria and Britomart Hospitality Group, show stone-wrapped shops and restaurants at ground level with five residential tower blocks, some of which reach to eight or nine stories.
The developers say over half the precinct will include open public spaces and walkways and are promising community events such as live performances and outdoor movies.
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Ninety Four feet development manager Charmaine Balchin told OneRoof that the project will officially launch in early 2024 with realtors from New Zealand Sotheby’s International Realty letting high net worth clients from their database register their interest now.
The consortium won a competitive bid with the Queenstown Lakes District Council back in 2019 for development of the former campground. Council subdivision and civil works started in 2020, and Balchin said the council are nearing completion of their infrastructure work.
“We anticipate handover in March 2024. Despite the numerous challenges faced both domestically and globally in recent years, QLDC have done an incredible job,” she said.
“It’s really inspiring to see the precinct forming and we’re excited to bring this precinct alive with our layers. We anticipate starting construction of the first stage coming out of winter 2024.”
The development comprises apartment blocks with clear views across Lake Wakatipu. Artwork / Supplied
Residents will be able to enjoy top-class restaurants, shops and galleries. Artwork / Supplied
New Zealand Sotheby’s International managing direct Mark Harris, said the project was Queenstown’s first truly world class master planned community right in the centre of Queenstown CBD.
Harris said prices start at $750,000. There are also two- and three-bedroom apartments and half and full floor penthouse suites, but prices were not yet available for those.
In their first glimpse of Te Taumata Lakeview, the developers talk about a “cohesive design philosophy at play, one built on sustainable principles, neighbourly intent and experiential placemaking" and are aiming for a net positive project for energy, water and waste. They are working with Māori designers, artists and placemakers, as well as top end architects Monk Mackenzie and Architectus.
This is the second New Zealand project for Ninety Four Feet, with their first, the 41-floor 51 Albert hotel and apartment tower in Albert Street, Auckland, which will top out in early December.
Te Taumata Lakeview is being spearheaded Melbourne-based developer Ninety Four Feet. by Photo / Supplied
At the other end of the scale, first home buyers and investors have returned to the Queenstown market after a winter of low activity.
Harcourts Queenstown branch manager Priscilla Urhle is also seeing continued demand from Australian, Singaporean and local buyers – particularly for apartments in the desirable Queenstown Hill neighbourhood.
“In terms of price points, first home buyers are searching for under $1.1m, but there are limited listings and we’re seeing five or six offers for a simple standalone house. Then up to the $1.5m buyers are a little more choosey, but if it’s well presented, we’re still getting multiple offers,” she said, adding that inquiry has already picked up from overseas buyers for properties over $2m in anticipation of National’s proposed rule changes.
That’s got vendors asking about prices.
“There’s a lot of talk of people asking if their $1.9m property would stretch to $2m [to meet the cutoff]. We might see [more listing] volume at $2m, but time will tell. A lot of people are in limbo,” she said.
“Over $5m, there’s less volume, but we’re seeing a lot of money out there, mainly from Auckland and Australians.”
Urhle said the Queenstown Lakes area is still seeing a big population growth, both from New Zealanders moving south, investor interest and migration.
“What will our town look like in five years or ten years?” she said.
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