Resort’s 'final jewel' set to be sold

The Queenstown Lakes District Council has accepted a bid for this Queenstown Hill block but the...
The Queenstown Lakes District Council has accepted a bid for this Queenstown Hill block but the would-be buyer first has to complete due diligence. PHOTO: SUPPLIED
A buyer has been found for a stunning 9.7-hectare council-owned block of land at the top of Queenstown Hill — but the party needs to complete due diligence before proceeding with the purchase.

Described as "Queenstown’s final jewel", the block — off Vancouver Dr — is the last slice of 40.47ha of "commonage" land which the government vested in the local council in 1971 to help it fund vital infrastructure.

The balance of the land, largely developed between 1975 and 2002, now hosts some of Queenstown’s most expensive and prestigious homes.

The Queenstown Lakes District Council last year appointed property company Colliers to sell this last block after campaigns by two other agencies, in 2017-18 and 2021, did not result in a bid that satisfied it.

When launching the latest campaign in February, local Colliers broker Alastair Wood told Mountain Scene "it’s one of the last decent blocks of residential development land left on Queenstown Hill".

Depending on whether a buyer does a high-end, large-section development or prefers a more intensive apartment-townhouse or hotel-type scenario, the number of lots could range anywhere between 70 and 250.

Scene reported the land, now heavily forested, was expected to fetch well over $20 million, which would provide a timely boost to council coffers.

Council spokesman Sam White confirmed a buyer had been selected, but "to protect their confidentiality and that of other parties who showed interest, we’re unable to provide any further details at this stage".

"Due diligence is under way and we’ll be able to provide further details when this concludes."

— Philip Chandler