CBRE New Zealand is marketing Spence Park — an elevated 12.4 hectare development site between Lower Shotover Rd and Spence Rd — as a prospective high-end subdivision at the gateway to the Whakatipu’s prestigious Dalefield and Speargrass Flat areas.
Marketing material notes Spence Park not only has great views over the Shotover River, but it is geographically separated from the rest of the Ladies Mile masterplan area.
With Ladies Mile’s zoning allowing a lot of high-density living, Spence Park’s split into less-intensive zones — 2.1ha of lifestyle precinct closest to existing Spence Rd housing, lower density suburban residential precinct (5.6ha) and medium density residential (4.7ha) — with multiple access points off Lower Shotover and Spence Rds.
CBRE NZ’s capital markets director Cameron Darby says "this meets an area of strong buyer demand in the Queenstown market, offering excellent appeal for those looking for more spacious living and excellent outlooks".
His colleague, executive chairman Brent McGregor, believes the site’s arguably the best residential development opportunity in the Queenstown Lakes district.
"Spence Park is unmatched in Queenstown for its combination of scale, quality and location.
"It’s difficult to find a development site in NZ that is better matched to what capital is seeking right now — offering strong fundamentals, a premium location and a range of development options."
Expressions of interest close next Thursday.
"We’re expecting bids from retirement village developers and residential developers predominantly," McGregor says.
"Hopefully we can attract a developer that can get the most out it and really capitalise on that position."
