The local council has decided to buy a house in Queenstown. The property is on one of the main gateways to Queenstown and sits on 14.46 hectares of flat land with a road frontage of 600 metres to the main highway.
This is a strategic investment as it would most likely have been purchased as a development opportunity. In 2017 land in this area became capable of fairly high density residential development, which is seen by the community as controversial with many preferring to have a more picturesque gateway to Queenstown.
Many will be hoping that this land will be utilised for community benefit whilst retaining the rural nature of the strip. The trees running along the frontage of it became controversial in 2016 when Delta planned to have them felled as they were interfering with their infrastructure. They were retained at considerable cost.
This land is adjacent to the main transport corridor to Queenstown which the government and mayor have tagged for an upgrade in order to sort out traffic congestion in the region.
Housing is currently in short supply in the greater region and under current growth projections indicate the need for an almost doubling of the number of existing residential units in Queenstown and Wanaka over the next 30 years. Many local families are struggling to buy a house in Queenstown or Wanaka under current market conditions.
Ladies Mile is seen as well placed as it is in close proximity to Frankton and Queenstown. It is one of the few remaining undeveloped areas in the region and can be connected up to major infrastructure relatively easily. Being within the main transport corridor to Queenstown also makes public transport connections more viable. It is located near to the major employment zones of Frankton.
The exiting dwelling on the land is 440 square metres with substantial garaging and hangar space of 545 square metres. Not within many’ s budget with a capital value of $6.14 million. Would you have been keen?