CBRE is inviting expressions of interest to buy 4.87ha of residential-zoned land, across two titles, at 489 Frankton Ladies Mile Highway.
Owned by Queenstown Commercial Ltd — a branch of Sanderson Group, which has completed the Queenstown Country Club retirement village and Southern Cross Hospital on the other side of the highway — the company has decided to sell the land to focus on other North Island projects, CBRE associate director Cameron Darby says.
And, according to CBRE executive chair Brent McGregor, it provides "immense potential for achieving a key first-mover advantage" on one of the first sites to be developed in the new Te Putahi Ladies Mile master-planned precinct.
In November, Environment Minister Penny Simmonds signed off on Queenstown council’s Ladies Mile variation, which paves the way for another 2400 residential units near Queenstown, along with open spaces, community facilities, retail spaces, schools and a commercial centre.
Queenstown Commercial’s land’s the second site within the development zone to hit the market — in January, Mountain Scene revealed a 1.375ha site, which includes the Ladies Mile Pet Lodge, owned by couple Keri and Roland Lemaire-Sicre for about 25 years, was for sale by tender.
That property’s been rezoned commercial and has been identified as a supermarket site in the proposed district plan.
McGregor says 489 Ladies Mile is arguably the site that unlocks the entire development zone along that stretch of highway.
"It is centrally located within the rezoned development area, surrounding the proposed town centre commercial precinct, and adjacent to the highway via a new roundabout, due to be completed next summer."
Darby says Queenstown council’s decision to push ahead with facilitating the large-scale development in the Ladies Mile precinct has resulted in land within it being "tightly held", and is expecting "a lot of interest" in 489.
The flat site, which captures all-day sun and is integrated within the Queenstown Trail network, is a 10-minute drive to Queenstown Airport, and close to the town centre, skifields and Arrowtown.
The masterplan for the wider precinct provides buyers with flexible options around the two residential development lots, McGregor says.
"There is really broad scope and flexibility for buyers to reshape the proposals to suit their own vision and timeframe."
About 670 units, across several apartment buildings, are envisaged in the existing concept, with roads, parking and green spaces. But any combination of housing typologies could potentially be developed. Purchasers could also undertake a ‘super lot’ land development and sell the titles individually as serviced, development-ready lots.
The site could also be used for educational facilities, or other residential purposes. Expressions of interest close at 4pm on April 15.
