Snapping up properties

Queenstown has become a Monopoly board for an Auckland-based technology business innovator.

Fady Mishriki, co-founder of wireless charging company PowerbyProxi, which he sold to Apple in 2017, has paid $18,273,913 to buy six lake-facing central Queenstown residential properties.

Five of the properties — four on an exclusive cul de sac, The Terrace, and one on Park St — border each other.

Another, at 27 Brisbane St, has street access off both Brisbane St and Park St, and was bought for $5,173,913 — his biggest purchase to date — in April 2021.

There is an unconfirmed suggestion he has also bought two other properties near 150 Park St, which he secured last November for $4 million.

Fady Mishriki. PHOTO: SUPPLIED
Fady Mishriki. PHOTO: SUPPLIED

Mr Mishriki’s buying spree began in August 2020, when he bought three side-by-side properties in The Terrace — 16A, 16B and 18 — off the same owner, who was approached off the street by a real estate agent.

The Aucklander paid $1.5m for each unit and $2.8m for No 18.

He then paid $4m, the following January, for neighbouring 20 The Terrace, which contains a
’60s house but has a large 973sq m section.

Mr Mishriki’s buy-up of 150 Park St makes sense, as it is immediately below 20 The Terrace.

However, an observer notes "given the steepness of it, I don’t quite know how you build on it by combining them all — the land falls down quite steeply".

It is thought these properties are rented out to long-term tenants.

But Mr Mishriki’s company, Tepar Ltd, won resource consent approval to let out 27 Brisbane St, including a two-bedroom unit below, for visitor accommodation, with a maximum 12 guests at any one time.

Tepar Ltd’s resource consent application says the Auckland-based applicant had bought the property as a part-time holiday residence.

"Given the residential unit is used as [a] part-time holiday home for the owners, it cannot be rented to long-term tenants.

"Therefore, the applicant seeks to utilise the dwelling for short-term visitor accommodation, whilst not using it for themselves or friends/family."

Mr Mishriki could not be contacted for comment this week — it is thought he is overseas.

He is the son-in-law of prominent retirement village owner Fraser Sanderson, who developed the Queenstown Country Club village on Ladies Mile and who has a holiday home in Queenstown — in Park St, of all places.