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A Queenstown CBD property that borders the site of a planned new civic and cultural centre has sold under the hammer for more than $3 million.
The 875sqm Beetham St property, which has a six-bedroom house, sold for $3,225,000 at auction yesterday, almost $1million more than its rateable value.
One of its vendors, Christchurch man Rodney Green, said it was a "good result", and he would watch what the buyer did with the property with interest.
"We’re pleased to see the place will move forward," Mr Green said.
"If we’d been 30 years younger, we would’ve done it ourselves."
His late parents, George and Hannah Green, built the house for their retirement after buying the land for $25,000 in 1972.
It had been rented out for about a decade since their deaths.
It used to border the town’s public swimming pool and the former Queenstown primary school, which later became the high school.
The property sits inside the resort’s town centre boundary, so can be developed for commercial, retail, residential or visitor accommodation use.
It will eventually be bordered by two major developments: a town centre arterial road of which construction started last week and a civic, cultural and office complex the Queenstown Lakes District Council and Ngai Tahu plan to begin building in 2026.