At 17 Brisbane St, it is on a flat, sunny site that is just a few minutes’ stroll to the CBD, Gardens and lakefront.
The property is known as ‘The Stables’, as, up against the footpath, is a gable stone structure, dating back to the mid-1870s to early 1880s, that used to be horse stables for a nearby home.
A Heritage New Zealand category 2 structure, it is considered to be Queenstown’s second-oldest stone building and is presently used as a highly-rated Airbnb offering due to its visitor accommodation consent.
The balance of the 632sq m property is predominantly occupied by a three-bedroom, two-bathroom that is currently rented out long-term.
Local Dominion Real Estate agent James O’Hagan says Brisbane St is a highly sought-after location and, as a cul-de-sac, enjoys very little traffic.
Under the council’s urban intensification variation, he points out the land would be rezoned high-density, meaning a new building could go 16 metres high and with reduced setbacks.
Showing his faith in the area’s potential, O’Hagan’s invested in nearby Park St.
He has also sold nearby properties including 15 Brisbane St, which he sold for $3.45 million, for the same vendor as the next-door property, in an off-market sale last year.
"That’s helped to underpin the land value [at 17 Brisbane St]," he says.
Given sales in the immediate area support a land value of about $5000 per square metre, and given the existing improvements, O’Hagan suggests "the combined value of those pushes it into that early $4m range".
"The property is unique in the sense it’s got that history, charm and character associated with the stables.
"But then it’s also got, with the zoning and the land area, the opportunity for somebody to come along and do something quite significant, or just enjoy it as it is."
The sales method is ‘price by negotiation’, O’Hagan says.
