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A Man Street property above Queenstown’s CBD – up for auction on Thursday – presents major redevelopment prospects thanks to a council plan change.
At 31 Man St, the 582 square metre property, with a 1960s three-bedroom home and a sleepout, is part of the extended Queenstown Town Centre Zone approved three years ago.
As a result, an owner can build as of right a 12m-high commercial or visitor accommodation complex with a two-metre ‘roof bonus’ on top.
“The zoning is similar to the CBD apart from site coverage,” says local Colliers International tourism broker Barry Robertson, who’s marketing the property with colleague Steve McIsaac.
The property also borders the council’s proposed CBD bypass, which will boost its exposure to passing traffic.
The new zoning’s already been reflected in higher sales prices than previously.
Two doors away, at 35 Man St, a 582sqm home sold last July for $2m.
In two examples, adjoining properties on this side of the street have been aggregated as development sites.
One party has bought both 39-37 and 41 Man St – 533sqm and 405sqm, respectively – for $1,8120,000 and $2,120,000.
And developer Kevin Carlin bought 19 Man St, which is 625sqm, and 17 Man, on the Brecon St corner, which is 763sqm, for $3,852,000 and $6m, respectively, two years ago.
Last November, he sold the aggregated property to NZX-listed Augusta Capital for $13.95m.
This price also reflects the value of a resource consent and site works for a luxury hotel due to get underway this year.
Across Brecon St, Sydney-based John Thompson recently demolished two old Man St houses.
The land will initially be used for carparking but he’s indicated he may develop upmarket visitor accom-modation.