The opportunity to develop a significant parcel of land in the Te Pūtahi Ladies Mile master-planned precinct in Queenstown is on offer, with the sale of 489 Frankton Ladies Mile Highway.
CBRE is inviting expressions of interest to purchase the 4.87 ha of residential zoned land, across two titles, by April 15 at 4pm.
Queenstown Lakes District Council (QLDC)’s rezoning of the Te Pūtahi Ladies Mile land provides capacity for residential development on a significant scale, on one of the last remaining tracts of land suitable for residential development in the Wakatipu Basin.
The sale of 489 Ladies Mile Highway provides immense potential for achieving a key first mover advantage on one of the first sites that will be able to be developed in the new precinct, said Brent McGregor, CBRE executive chairman.
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“489 Ladies Mile is arguably the anchor site unlocking the entire development zone along this stretch of highway. It is centrally located within the rezoned development area, surrounding the proposed town centre commercial precinct and adjacent to the highway via a new roundabout due to be completed next summer.”
The Te Pūtahi Ladies Mile master-planned precinct, along the north side of State Highway 6 between the Shotover River and Lake Hayes, is poised to become the next significant future town centre in the Wakatipu Basin.
The current owner of 489 Ladies Mile Highway, Queenstown Commercial Ltd (a branch of Sanderson Group) has completed other significant projects in the area, including the Queenstown Country Club and Southern Cross Hospital across the highway.
The company has now decided to hand over 489 Ladies Mile in order to focus on other projects in the North Island, said Cameron Darby, Associate Director at CBRE.
“QLDC’s decision to push ahead with facilitating large-scale development in the Ladies Mile precinct has resulted in land within the precinct being tightly held. The opportunity to purchase this site is expected to generate a lot of interest, especially given its anchor position that will unlock the development of the entire precinct.”
The Te Pūtahi Ladies Mile precinct has been earmarked for significant mixed use development as part of QLDC’s strategic response to the district’s population growth. The master plan includes a wide range of residential development densities, a town centre, primary school and high schools and a sports & recreation centre.
Queenstown Commercial Ltd has already achieved resource consent for subdividing the site into three titles: two residential-zoned parcels and the town centre site, which has already been sold.
The master plan for the wider precinct provides buyers with highly flexible options around the two residential development lots, McGregor said.
“The current owner has devised concept plans for an apartment development across both lots. However there is really broad scope and flexibility for buyers to reshape the proposals to suit their own vision and timeframe.”
Around 670 units across several apartment buildings are envisaged in the existing concept, with roads, parking and green spaces. Alternatively, any combination of housing typologies could potentially be developed, including individual homes, terraced units and duplexes, as well as apartments up to seven levels.
Purchasers could also undertake a ‘super lot’ land development and sell the titles individually as serviced, development-ready lots. The site could also be used for educational facilities, a hotel or other residential purposes such as build to rent or workers’ accommodation.
The scarcity of developable land in the Wakatipu Basin, combined with population growth projections, make the land a highly attractive capital growth proposition, said Darby.
“There is high demand for residential accommodation in this location, demonstrated by the popularity of nearby subdivisions. Queenstown also has among New Zealand’s highest average house prices, and population growth is forecast to continue to be strong in the district.”
There is already a population of around 6,000 people within walking distance of 489 Ladies Mile, projected to increase to 12,000 or more. The Queenstown Lakes district has one of New Zealand’s fastest growing populations, with over 30% growth forecast by 2033 under QLDC’s medium growth scenario.
The return of overseas tourism to pre-pandemic levels in Queenstown also brings strong economic prospects for the district, increasing the demand for accommodation to house both seasonal and permanent workers in the hospitality and tourism industries.
Queenstown has been the recipient of several government funding packages, with the most recent being a $250m transport package to support roading infrastructure and reduce congestion. This initiative, along with a recent upgrade to the town centre landscape signifies a substantial investment in the future of the local economy, said McGregor.
“Council and government investment into infrastructure improvements in Queenstown, as well as significant private development projects underway, all point towards a strong future for the region’s economic prospects as tourism and population growth continue.”
489 Ladies Mile is located 10 minutes’ drive from Queenstown Airport and within easy reach of the town centre, ski fields and Arrowtown.
The flat site captures good all-day sun and is also integrated with the local cycle trail network, as well as being walking distance from proposed new primary and high schools.
- Supplied by CBRE
