Bayleys Real Estate has announced the successful $30 million sale of two prime development sites in the high-growth Frankton area of Queenstown, reflecting robust demand for housing and the region’s resilient property market.
The properties at Lot 2 O’Meara Street and Lot 3 Hall Street, totalling 23.22ha (more or less), were sold through a competitive tender process, attracting significant interest from developers and local investors.
The sale underscores the enduring appeal of Queenstown’s real estate market, which continues to thrive despite broader economic challenges.
Bayleys founding director John Bayley says the land parcel featured distinct strategic advantages, including existing planning and consent permissions, which offered a unique opportunity for development in one of the country’s most sought-after destinations.
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“Queenstown, and particularly Frankton, has experienced explosive population growth over the past 15 years, maintaining high demand for homes and steady asset appreciation.
"The appeal was further enhanced by an acute shortage of appropriately zoned development sites, which continues to drive competition for viable land and completed housing products.
“Despite being a challenging time for the development landscape, Bayleys leveraged our national network and strategic international partnership with leading property consultancy Knight Frank to match the property with a visionary buyer who identified the rewarding development fundamentals available within Frankton’s Five Mile precinct.
“With civil services already in place, development works can start quickly, likely to deliver new housing for the region faster and more efficiently than typical housing projects,” Bayley says.
The property forms part of the broader Five Mile development precinct, which includes Five Mile Villas - a premium residential development comprising 226 architecturally designed homes marketed by Suzie Wigglesworth, Amy Kitto, Sheryl Williams and Mark Martin of Bayleys Projects Auckland and Bayleys Queenstown.
They say the developer – Gibbons Co., has been instrumental in delivering high-quality developments across Auckland and Queenstown, showcasing a commitment to excellence and innovation.
Bayleys Projects national director Wigglesworth says the firm’s work on the Five Mile Villas stands as a testament to their expertise in creating extraordinary yet accessible homes in some of the country’s most desirable locations.
“Interest in the Five Mile Villas has ranged from first-home buyers, investors, holiday-home purchasers and owner-occupiers – all of which have found the right balance between affordability and high-quality design and construction with two-bedroom, two-level homes priced from $859,000.
“Located in the heart of the country’s adventure playground, the lifestyle proposition is unparalleled, and we are seeing the success of the Five Mile development and associated commercial activity bring a new vibrancy to the local area,” she says.
Surrounded by the Remarkables mountain range and situated on the scenic Moutere Highway, the Five Mile Villas provide 360-degree views and proximity to Queenstown’s commercial hubs, including the Remarkables Park Town Centre and Five Mile Centre.
“With ongoing investment in housing, infrastructure, and innovation, Queenstown is set to remain New Zealand’s most exciting southern hub."
- Supplied by Bayleys
