A large parcel of development land with spectacular views overlooking Queenstown is being offered to the market for sale by the Queenstown Lakes District Council.
The site, known as The Commonage, spans 9.5ha and sits only 1km from the CBD and 7km from Queenstown Airport and the Frankton commercial hub.
Most of the surrounding land has been developed, with this site representing one of the last significant development opportunities remaining on Queenstown Hill.
Held in several titles, the development options for the site are wide-ranging.
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The site’s Medium Density Residential zoning under Queenstown Lakes District Council’s Proposed District Plan allows density of one dwelling unit per 250sq m of land area.
The council has also recently notified a variation to the Proposed District Plan, proposing to delete the one unit per 250sq m rule, which would enable even greater density.
Colliers Brokers Alastair Wood, Barry Robertson, Josh Coburn, and Blair Peterken have been exclusively appointed to market the site for sale via an international expression of interest campaign with the deadline for offers closing at 4pm on Thursday 14 March, unless sold prior.
The site is accessed via Vancouver Drive through the established Commonage streets down to Frankton Road (State Highway 6), which links to central Queenstown and Frankton.
Wood, Director of Sales and Leasing at Colliers Queenstown, says the future development of this site will provide a number of development opportunities from lower density high-value sections through to more medium density sized sections and townhouses, with visitor accommodation opportunities for hotels included as an option.
“This is a site unlike any other that will be presented to the market in the coming years and freeing up this land for development will provide huge benefits for Queenstown,” Wood says.
“There are a host of outdoor activities for locals to enjoy, including cycle trails, walking tracks, and world-class golf courses, all against the backdrop of the stunning Lake Wakatipu.”
Queenstown has enjoyed strong house price growth during the past decade with prices now topping their pre-Covid peak. A single dwelling residential section of 1,858sq m located near the subject site sold for $4.5 million in 2022.
Robertson, Tourism Development and Business Broker at Colliers Queenstown, says the area needs further housing to complement a strong pipeline of proposed infrastructure projects.
“There is over $1.5 billion in targeted infrastructure projects set to take place across the Queenstown Lakes District, including hotels and roading upgrades as well as further tourist attractions,” Robertson says.
Coburn, Director of Site Sales and Capital Markets at Colliers, says Queenstown is in growth mode and is outpacing most other areas in New Zealand.
“Data from Infometrics notes the Queenstown Lakes District’s population grew by 8 per cent in 2023, compared to the national growth of 2.1 per cent,” Coburn says.
“This was underpinned by economic improvements following the pandemic that saw the regional GDP growth at 7.8 per cent last year with the national figure at 2.9 per cent. This has led to job creation and further employment opportunities.
“Queenstown remains the premier tourist destination in New Zealand with visitor numbers almost back to pre-Covid-19 pandemic levels. Forecasts from Stats NZ suggest domestic visitor numbers will double and international visitors will nearly triple across the next decade.”
Peterken, Director of Capital Markets at Colliers, says a site of this scale and prominence will attract local and international interest.
“With such a unique offering on the cards we expect to field calls from a range of prospective purchasers who have capital to deploy,” Peterken says.
“This site represents a major opportunity for the new owner to leave their mark on one of the world’s most picturesque locations and we encourage all interested parties to contact us to explore their options.”
- Supplied by Colliers
