Queenstown site would suit hotel

The site at 633 Frankton Rd, Queenstown, has unobstructed lake and mountain views. Photo / Supplied

Waterfront land in Queenstown CBD and on the main arterial routes through town, is suitable for hospitality or accommodation development.

The property at 633 Frankton Rd - which is for sale by deadline treaty closing November 30, unless sold earlier - has unobstructed lake and mountain views, says Nick Lambert of NAI Harcourts Highland Real Estate Group.

"The 1.0153ha of freehold land is zoned for high density residential, making it ideal for a hotel or apartments, or a mix of both - subject to consents," he says.

Formerly the site of the Alpine Village Hotel, the property is the largest parcel of underdeveloped waterfront land close to the CBD and already fully served by power and water and can be accessed off the main road.

Lambert says it is also part of the Alpine Village apartment development next door. Several buildings on site are being rented out on a short-term basis as worker accommodation with onsite managers.

"These generate an annual holding income, effectively a bonus while the purchaser puts together their own project," he says.

"The owners explored development options, such as a large apartment complex along with a 220-room five-star hotel/apartment mixed used development. However, they lacked the capital required for completion."

Lambert says the site represents a rare opportunity for a buyer to take advantage of the region's ongoing growth in tourism.

As one of the most popular tourist destinations in the country, Queenstown and its surrounding region currently have more than 3.2m visitors annually, more than 50 per cent of them arriving and departing through Queenstown airport, which is located just a five-minute drive from the property.

"There is potential here to create a landmark development that is both exciting and beneficial to Queenstown," Lambert says.