It’s arguably the largest undeveloped lakefront property in Queenstown\u2019s Kelvin Heights.<\/p>\n
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\u2019s water ferry.<\/p>\n
It is occupied by an older 150sq m two-storey dwelling on the northern boundary and a dilapidated concrete tennis court.<\/p>\n
Slightly sloping down towards the lake, it is adjoined by Lake Whakatipu esplanade reserve and council recreation reserve.<\/p>\n
“It\u2019s an incredibly rare offering,” Walker & Co Realty principal Hamish Walker says.<\/p>\n
“I believe it\u2019s the last of its kind in Kelvin Heights.”<\/p>\n
The property\u2019s capital valuation (CV) is $6,250,000, all but $100,000 of which is land value.<\/p>\n
Asked what he thinks it will fetch \u2014 the property\u2019s up for deadline sale by May 20 \u2014 Walker expects it will sell for more than its CV.<\/p>\n
A planner\u2019s report says the district plan allows a density of one unit per 450sq m, or up to five houses.<\/p>\n
However, subject to resource consent, it could go down to one unit per 300sq m \u2014 allowing for up to eight dwellings.<\/p>\n
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.<\/p>\n
Walker says the site has been owned by an Asian-based party for more than 30 years “who just feels like the time\u2019s right to let someone else create something special there”.<\/p>\n
“It appeals to a lot of people \u2014 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.<\/p>\n
“It\u2019s an ideal place to place your money that\u2019s going to grow pretty quickly in that location as everything else gets developed reasonably quickly out there.”<\/p>\n
He points out how handy the Bayview jetty is \u2014 “it\u2019s about a 60-second walk to the ferry or maybe 90 seconds on the way home if you\u2019ve had a few beers and wines in the Queenstown CBD”.<\/p>\n