$6m lakefront sale in Queenstown

Photo: Mountain Scene
Photo: Mountain Scene
A plum development site along Queenstown’s Frankton Road has sold for $6.2 million, including GST.

Situated on a prominent spur, less than 1.4km from the CBD, the 4160 square metre site – immediately above Lake Wakatipu – is zoned for visitor accommodation.

Formerly owned by a Kiwi based in the United States, it’s been bought by an Auckland-based investor, according to local New Zealand Sotheby’s International Realty sales associate Matt Finnigan.

The recent $16 million sale to SkyCity, of a larger Frankton Rd block, “probably helped demonstrate some of the market values”, he says.

In July 2017, its government valuation was $5,380,000.

Finnigan says the vendor had completed a lot of preliminary works including a sealed driveway off Frankton Rd, a retaining wall and geotechnical reports.

He’d also commissioned architectural modelling showing the site could be developed for 24 townhouses or 69 hotel rooms.

The new owner has “no immediate plans”, Finnigan says.

Add a Comment

Our journalists are your neighbours

We are the South's eyes and ears in crucial council meetings, at court hearings, on the sidelines of sporting events and on the frontline of breaking news.

As our region faces uncharted waters in the wake of a global pandemic, Otago Daily Times continues to bring you local stories that matter.

We employ local journalists and photographers to tell your stories, as other outlets cut local coverage in favour of stories told out of Auckland, Wellington and Christchurch.

You can help us continue to bring you local news you can trust by becoming a supporter.

Become a Supporter