The Fernhill development block has stunning lake and mountain views.
The Fernhill development block has stunning lake and mountain views.
A large bock of land suitable for residential development in the Queenstown suburb of Fernhill has been placed on the market through Colliers International.
The 13,265sq m site, across four freehold titles at 5-24 Miller Place and 28-30 Broadview Rise 3km from the centre of Queenstown, is undeveloped except fora single house.
"This gives buyers a clean slate to develop a hillside project with stunning lake and mountain views," says Alastair Wood, Queenstown managing director for Colliers, who is selling the property by deadline private treaty closing on May 20.
"The sale represents a good opportunity given the high demand in Queenstown's residential property market," he says. "The site offers flexible options which will be attractive to buyers in the current environment, where residential land in central Queenstown has become very scarce. The market is becoming increasingly heated and we expect the high demand for residential sections and units seen in the past couple of years to continue."
Woos says two resource consents have been previously granted for the 6831sq m of land adjoining Broadview Rise.
"Originally 6831sq m of the site adjoining Broadview Rise was consented for 15 units. This consent has now lapsed but it demonstrates one of the many options for a buyer which could include a medium-density unit or apartment development, or low-density sections across the whole site.
"Given the hillside nature of the site, lower-density developments in the lower to mid-value range - typically from $450,000 to $600,000 - are likely to be considered most attractive," says Wood.
The land, in an established residential area, is zoned Low Density Residential within a Medium Density Sub-Zone. Queenstown Lakes District Council's proposed district plan continues this zoning, but provides for more intensive developments of one unit per 300sq m to take place.
"The council is also proposing changes to the district plan that, if confirmed, will provide more development flexibility on low density zone land," Wood says. "This would include permitting higher densities provided it retains a low-rise built form, and permitting low intensity forms of visitor accommodation."
