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A zoning decision is due out in late April which will determine what building density can be applied to 9.5ha of land above Queenstown, being sold by the Queenstown Lakes District Council.
JLL Christchurch director Hamish Stallworthy said there had been a number of potential subdivision options explored, but the April zoning decision would confirm the density of any potential site development.
''The availability of the Commonage land for residential or hotel development in the future could add some much needed capacity to a market which is severely constrained by its geographic features,'' he said in a statement.
The local council was having to keep pace with major growth in the area and the sale of the ''expansive site'' would assist in funding further infrastructure for the township, Mr Stallworthy said.
Tenders for the site close on May 3.
Luxury Real Estates Nick Horton said it was a ''spectacular site'' for developers, investors or hotel operators with unrivalled lake and alpine views, and its eventual use would become Queenstown's future backdrop.
''Ultimately the divestment of this property will go a long way towards funding much-needed infrastructure in the region,'' Mr Horton said.
In 2017, Queenstown airport handled more than 2million passengers for the first time and by 2015 that number is estimated to grow 60% to 3.2million passengers.