Royal chance in Queenstown
Two adjacent bare land sites primed for development in Queenstown’s thriving Frankton area have been placed on the market, featuring existing planning and consent permissions.
The sites at Lot 2 O’Meara St and Lot 3 Hall St total 23.22ha and are offered for sale by tender closing at 4pm, Thursday November 16 unless sold prior. Bayleys chairman John Bayley is marketing the properties with Mark Martin and Sheryl Williams of Bayleys Queenstown.
Bayley says both Frankton and the wider Queenstown region have experienced robust population growth and steady asset appreciation in recent years, bucking the national trend while enhancing feasibility for development projects.
“We’ve seen double-digit population growth across the region for the last 15 years, which has kept demand for homes high, and median sale values steady at around 5.6 per cent growth year-on-year.
“An acute shortage of appropriately zoned development sites continues to constrain housing development locally, creating competition for viable land sites and finished housing products.
“Our seller has undertaken a proposed subdivision plan, which provides purchasers with the flexibility to acquire one or several allotments, offering developers and land bankers a rare opportunity to acquire prime and well-zoned real estate in one of the country’s most desirable locations,” he says.
The proposed subdivision scheme plan enables the formation of six smaller allotments ranging from 0.25ha to 0.47ha .
The properties are zoned Frankton Flats Special Zone B, providing for the efficient use of one of the last land areas suitable for development within the Urban Growth Boundary.
Martin says the zoning enables a built environment at densities not currently achieved in the district, involving a significant mix of activities.
“The vendor has secured a pre-existing consent for an impressive terraced housing project, including 225 residences with eight architectural options.
“They have successfully completed a portion of this project, serving as a valuable precedent for success in alignment with the thriving growth opportunities in Frankton.
“Recent project development includes a successful modification to the original consent which outlines a comprehensive mixeduse plan, including 82 apartments, 18 terraced houses and a central courtyard, an underground parking facility and various ground-level amenities, including a cafe.”
Williams says the location features superb development attributes, being just a 15-minute drive from central Queenstown. “Frankton is exceptionally well-serviced by two new commercial hubs – the Remarkables Park town centre and Five Mile Centre. Ongoing investment from both the private and public sectors reinforces confidence in the longevity and growth potential of the immediate area. Significant works are under way across the region to provide new housing, critical infrastructure, road upgrades, and research and innovation facilities.”