Just listed is a 2663sq m, north-facing residential site at 559 Peninsula Rd, just up from the Bayview jetty that is served by Queenstown’s water ferry.
It is occupied by an older 150sq m two-storey dwelling on the northern boundary and a dilapidated concrete tennis court.
Slightly sloping down towards the lake, it is adjoined by Lake Whakatipu esplanade reserve and council recreation reserve.
"It’s an incredibly rare offering," Walker & Co Realty principal Hamish Walker says.
"I believe it’s the last of its kind in Kelvin Heights."
The property’s capital valuation (CV) is $6,250,000, all but $100,000 of which is land value.
Asked what he thinks it will fetch — the property’s up for deadline sale by May 20 — Walker expects it will sell for more than its CV.
However, subject to resource consent, it could go down to one unit per 300sq m — allowing for up to eight dwellings.
Each unit can also include a residential flat of up to 70sq m, and visitor accommodation of up to 90 nights per year is permissible.
Walker says the site has been owned by an Asian-based party for more than 30 years "who just feels like the time’s right to let someone else create something special there".
"It appeals to a lot of people — someone that wants to land-bank it, someone that wants to develop it into several lots or someone that wants to just use it for one large house.
"It’s an ideal place to place your money that’s going to grow pretty quickly in that location as everything else gets developed reasonably quickly out there."
He points out how handy the Bayview jetty is — "it’s about a 60-second walk to the ferry or maybe 90 seconds on the way home if you’ve had a few beers and wines in the Queenstown CBD".
