A mix of two-, three- and four-bedroom units, Bullenrise Terraces will occupy three lots at Bullenrise — a subdivision next to, and closely mirroring, fully-developed Bullendale.
The first stage, just released to market, comprises six two-bed units, from $895,000, four three-bedders, from $1,275,000, and two four-bedroom units, from $1,375,000.
All sit on double in-line garages, the two-bedders coming with north-facing courtyards and the three- and four-bedroom units with north-facing balconies.
"I think for first-home buyers, owner-occupiers and rental investment — everything rents really well out there — it all stacks up," says local-based IQNZ owner/consultant Simon Green.
"The goal was to try and keep pricing comparable to what’s selling off the plan in Frankton at the moment, but with added benefits — especially with the two-bedders, they’ve got the outdoor living on the north and the garage."
Of the smaller two-bedders, Green says one’s under contract and two are on hold.
"And we’re just starting to get some inquiry on the rest of it."
Christchurch-based developer Mark Tammett notes there’s a lot of product at Frankton, "but our units are bigger and they’ve got more provision for parking than what’s typically available in Frankton".
He’s had Bullenrise’s civil works completed by Christchurch’s Tru-Line Civil and says it’s likely home builder Latitude Homes, which has bought some of the sections to build houses on, will build the terraces "if their final pricing meets budget".
Tammett says construction could start as soon as April, "but it may be later" — completion’s due late next year.
Meanwhile, Queenstown’s Colliers starts marketing six single lots at the rear of the subdivision from today.
Queenstown Lakes Community Housing Trust is also looking to build up to 15 affordable one- and two-bed homes on a 2160 square metre lot it’s been granted by the developer.
