Commonage land expected to fetch more than $20m
QUEENSTOWN’S last slice of Commonage land is expected to sell for more than $20 million.
The 9.5ha of woodland off Vancouver Dr, Queenstown Hill, is the final block of 40.47ha vested by the Government under the Queenstown Reserves Vesting and Empowering Act 1971.
It is for sale by international tender, which is a closedbid process, closing Thursday, May 3. Queenstown Lakes District Council resolved to sell the land to raise money for infrastructure work.
It has attracted international interest since it went on the market, marketed by JLL Christchurch and Luxury Real Estate New Zealand.
‘‘There’s been a lot of international interest from Singapore, the UK and Australia,’’ JLL director Hamish Stallworthy said.
‘‘It’s a bigticket item so we can’t be sure how many offers we’ll get — it all depends on what turns up on the day.’’
A zoning decision expected later this month will confirm the potential density of any future development.
That would see the mediumdensity residential zone extended over the whole site and the recreation reserve status removed.
Mr Stallworthy said parties doing due diligence were taking the possible zone change into account.
‘‘They’re not looking to break even on pine trees.’’
Otago Daily Times understands offers will likely exceed the $20 million mark.
Subdivision opportunities have been explored. The median house price in Queenstown is now $913,000.
‘‘The availability of the Commonage land for residential or hotel development in the future could add some muchneeded capacity to a market which is severely constrained by its geographic features.’’
Luxury Real Estates’ Nick Horton said the spectacular site was an exceptional offering for developers, investors and hotel operators.
‘‘We appreciate that this is a unique and important parcel of land, and its eventual use will become the backdrop for Queenstown in future,’’ Mr Horton said.
The divestment of the property would ultimately ‘‘go a long way towards funding muchneeded infrastructure in the region,’’ he said.