Large property draws no bids

A large property in arguably central Queenstown’s most desirable residential area went up for auction yesterday, but came away with no bids.

Instead, agents Mark and Hope Martin went into discussions with potential buyers.

The 936sqm property with a four-bedroom, two-bathroom house at 8 Brisbane St was expected to fetch a high price. It is zoned "medium-density residential" under the proposed district plan, and has the ability to take three residential units.

Four years ago, 16 Brisbane St, a similar-sized site which then contained an old cottage, sold at auction for $3 million.