The 14.72ha Waterfall Park property near Arrowtown, last
year marketed for $5 million plus GST, has recently
attracted several interested parties. Photo supplied.
The abandoned Waterfall Park development near Arrowtown,
which was last year marketed for $5 million plus GST, has begun
to attract interest, a Queenstown real estate agent says.
Surrounded on three sides by Millbrook Resort, the 14.72ha
site features the Mill Creek Waterfall cascading down the
property, which is split over three titles.
Waterfall Park was zoned to include up to 100 residential
units in 2003, after Haka Pa Queenstown tourist venture
operaters Pan Tai Holdings Ltd sought resort zoning. However,
an A-frame building constructed in 1975 remains the only
residential structure on site.
Bayleys Real Estate managing director David Murray said
interest had been "reasonably quiet" until the past couple of
months.
He put the "revival of interest" down to people keen to get
back into the property market with the economic situation
looking up.
"I think people are realising there's a very limited number
of development sites, so with the economy gradually getting
up off the floor, Queenstown is Queenstown and this will not
be around for too long," Mr Murray said.
A report submitted to the Queenstown Lakes District Council's
strategy committee meeting on Tuesday outlined the extent of
the area's other resort-zoned developments, Millbrook and
Jacks Point.
Millbrook has constructed about 175 residential units, with
room for a further 275, while 70 residential units have been
built at Jacks Point and 660 residential lots created.
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