Developers are eyeing up one of the largest high-density residential-zoned blocks for sale in central Queenstown for some time.

With a land size totalling 2435sq m, the block comprises five homes off Hallenstein St, across three titles, on the lower flank of Queenstown Hill.

They are the owners’ four-bedroom holiday home at 61 Hallenstein St, bordering the top of Ballarat St, and four rentals — two four-bedders with off-street parking and two two-bedders with garaging across 63, 63A and 63B Hallenstein St and 9 Malaghan St.

The combined capital valuation is $8,430,000.

Local Colliers sales consultant Jesse Johnston, who is marketing the block via deadline sale, closing November 9, says a big selling point is recent council zoning changes which may add greater development potential across the amalgamated titles.

“This high-density land for town housing has been one of our stronger markets of late — we have seen an average of high-density sales at around $4600 per square metre.

“Developers are chasing anything sort of over 800sqm they can do multi-townhouses on.

“There’ve been many examples of that popping up over the last sort of 12 to 18 months, and it’s all been driven by these zone changes.”

However, Johnston adds, at present there is little of this product on the market and certainly nothing of this size.

Anyone buying this block can also receive decent returns while they firm up their plans.

The four rentals generate about $3470 per week — all have healthy homes compliance certificates and have had ongoing upgrades and maintenance over the years.

Johnston says the owners’ preference is to sell all the properties together.

scoop@scene.co.nz