INFORMATION MEMORANDUM Price by Negotiation Licensed REAA 2008 Location indicative only 9 Brisbane Street, Queenstown
Boundary lines are indicative only
Contents Introduction 4 The Opportunity 6 Property Highlights 8 Location Highlights 10 Property Key Facts 14 Recent Comparable Sales 16 Zoning 18 Queenstown Town Centre Street Upgrades 20 Certificate of Title 22
Introduction
Colliers is proud to present, as exclusive agents, the freehold land & building at 9 Brisbane Street, Queenstown.
Having sold four of their Park Street Portfolio over the last six months, our vendor is highly motivated to divest of this last remaining property.
This property represents a rare opportunity to own a strategic land holding in Queenstown’s highly coveted and tightly held Park Street precinct. Properties within an easy walking distance of the Queenstown Town Centre seldom come to market. This is a property to hold for generations and it will be sold by price by negotiation.
This Information Memorandum provides preliminary information to assist interested parties with their assessment of the property. Further information is accessible via Dropbox files.
All enquiries, requests for information and arrangements to undertake inspections in relation to this opportunity are to be directed to or via the listing agent James O’Hagan.
James O’Hagan
+64 21 909 323 james.ohagan@colliers.com
4
The Opportunity
Proximity, Scarcity, Potential - three words that explain why properties in Queenstown’s coveted and tightly held Park Street precinct seldom come to market.
Over the past six months Colliers has sold four of the neighbouring properties held in the vendors portfolio. The vendor plans to retain this site have changed so the last opportunity to acquire part of this strategic land holding now presents.
Smack bang in ‘dress circle’ Queenstown, this property is literally a stones’ throw to the town centre. You can’t get much closer. All the amenity of the Queenstown town centre is on your doorstep. A five-minute stroll along tree lined streets or through the historic Queenstown Gardens takes you into the heart of Queenstown. All the benefits of proximity with the ability to retreat to this inner city residential sanctuary.
Unlike many of the other properties in Queenstown, this property is a flat, easy to develop landholding. There is no difficult slope to navigate or expensive rock breaking required to take advantage of the redevelopment opportunity.
For someone with vision the existing dwellings could serve as a renovation project - the location is ideal for short term holiday rental. Alternatively, the existing dwelling could make way for a multiple dwellings scenario, an architectural residence or Queenstown bolthole.
The freehold land is currently zoned Medium Density Residential in the Proposed District Plan (PDP). The current zoning would accommodate several development scenarios. The zoning allows a maximum site density of one residential unit per 250sqm net site area, 45% building coverage and a build height of eight metres. The Queenstown Lakes District Council (QLDC) recently endorsed an Urban Intensification Variation to the Proposed District Plan (PDP). The variation provides for increased densities and heights of buildings in existing urban environments, allowing for the development of smaller and attached-style housing near public infrastructure. This property is located in an area identified for future intensification under the variation. If approved this land could become zoned High Density Residential.
The property also benefits from major infrastructure improvements with both Park Street and The Queenstown Gardens forming part of the Queenstown Town Centre Upgrades project. Significant investment has been made to connect the town centre to the lakefront, improving pedestrian accessibility, promoting cycling and reducing vehicular traffic.
6
9 Brisbane Street, Queenstown
LAND 840m² Freehold Title
Property Highlights
LOCATION Coveted tightly held dress circle location bordering iconic Queenstown Gardens
PROXIMITY
5 minutes’ / 500 metres walk to Queenstown’s town centre / amenity
ZONING Medium Density Residential (PDP)
8
TOPOGRAPHY
Flat land comparatively easy to develop compared with other Queenstown development sites
INFRASTRUCTURE
Park Street upgrades improve design & infrastructure, reduces vehicular traffic
OPPORTUNITY
Proposed High Density
Zoning change
FLEXIBILITY
Multiple redevelopment options
9 Brisbane Street, Queenstown
Queenstown CBD
Queenstown
Queenstown Gardens
Kelvin Heights Golf Course
Remarkables Ski Field
Jack’s Point
indicative only
Airport Location markers are
Location Highlights
The Park Street precinct is one of Queenstown’s most desirable residential areas. Picturesque and treelined, the area is adjacent to the Queenstown Botanical Gardens and slopes gently down to the crystal waters of Lake Whakatipu. A coveted and tightly held area, the location is an easy five-minute stroll down through historical gardens to the amenities of Queenstown’s vibrant town centre. The naturally flat topography of the area and good exposure to the north ensure that the area is naturally bathed in sunshine.
Park Street is benefitting from significant infrastructure upgrades which are now completed.
Opposite Iconic Botanical Gardens
Popular with locals and tourists alike the historic Queenstown Gardens is a postcard setting that plays host to a range of recreational facilities including tennis, lawn bowls and ice rinks and a recently upgraded million dollar childrens’ playground.
5 Minutes to the Queenstown Town Centre
Just a short walk to some of the best restaurants, bars and retail offerings in New Zealand and the convenience to the amenity of a CBD.
Park Street Upgrades
A new 4m wide shared path connecting the town centre to the lakefront at Park Street improves pedestrian access and reduces vehicular traffic.
12
13
Key Facts 9 Brisbane Street
Method of Sale Price by Negotiation
Title Reference OTB1/1287
Legal Description Lot 7 Deposited Plan 9667
Rates QLDC: $5,186.61 per annum | ORC: $861.05 per annum
RV $2,590,000 - September 2021
Floor
* Interested parties are advised to seek legal, professional or technical advice and undertake their own due diligence to determine the condition of the dwelling.
Please note; the floor plan and/or measurements and/or floor areas provided for the subject properties are based on the information provided by the Vendor and/or other third parties. Colliers take no responsibility for the accuracy of the supplied floor area and/or measurements provided and recommend that if this is of concern/relevance to an interested party that they make their own independent investigations into such matters.
The “annual rates” shown on this page are for rates levied for the period 1 July 2022 to 30 June 2023. Please note, the tenancy/rental figures shown above have been provided by the vendor and/or other third parties, and Colliers take no responsibility as to these figures being the actual income/rental paid by the tenant(s)/received by the owner nor do Colliers take any responsibility for the financial performance of the tenant(s) and recommend any purchaser makes their own independent investigations into such matters and relies solely upon their own information and judgment for making their purchasing decision.
•
Area 160m² Land Area 840m² Built 1960-1969 Lease Details
Periodic Lease • $500 p/w
14
Recent Comparable Sales 9
Brisbane Street
12 Park Street
Vacant Land 1,080 sqm Sold November 2022
$4,680,000
$4,333 / sqm of land
18 Park Street
1960’s unrenovated home
582 sqm Sold February 2023
$2,608,000
$4,481 / sqm of land
Boundary lines
indicative only
are
20 Park Street
1960’s unrenovated home
551 sqm Sold July 2023
$2,250,000 $4,083 / sqm of land
24 Park Street
1960’s unrenovated home
511 sqm Sold June 2023 $2,225,000 $4,354 / sqm of land
1 Hobart Street
1960’s unrenovated home
566 sqm Sold June 2022
$2,740,000
$4,840 / sqm of land
Zoning
Medium Density Residential (PDP)
QLDC currently has an Operative District Plan (ODP) and Proposed District Plan (PDP). The land is zoned High Density Residential (Sub-Zone C) under the ODP and Medium Density Residential under the PDP.
Most of the objectives, policies, and rules of the PDP’s Medium Density Residential Zone have been enacted and QLDC considers new consent applications against the Medium Density Residential Zone standards.
The zone seeks to encourage density of development close to employment centres to encourage travel via non-vehicular modes of transport or via public transport.
• Main forms of residential development anticipated are terrace housing, semi-detached housing and detached townhouses
• Zone will allow for three residential units per site provided that density does not exceed one residential unit per 250m²
• Four or more residential units per site may be consented on a Restricted Discretionary basis
• Maximum building coverage ratio of 45% applies
• Building height of 8 metres is permitted for flat or sloping sites
The Queenstown Lakes District Council (QLDC) recently endorsed an Urban Intensification Variation to the Proposed District Plan (PDP).
The variation provides for increased densities and heights of buildings in existing urban environments, allowing for the development of smaller and attached-style housing near public infrastructure.
This property is located in an area identified for future intensification under the variation. If approved this land could become zoned High Density Residential.
* Colliers recommend any interested parties seek their own independent advice regarding this and any other matters relevant to the purchaser for the purposes of a purchase of the subject property.
Update
18
9 Brisbane Street, Queenstown
20
Queenstown Town Centre Street Upgrades
9 Brisbane Street benefits from the Queenstown Town Centre Street Upgrades undertaken by QLDC. Jointly funding through Crown Infrastructure Partners Limited the $63m project has seen significant improvements made, including:
• A 4m wide shared path connecting the town centre to the lakefront at Park Street
• New street lighting and furniture
• New paving, new stone kerbs, stone setts at pedestrian crossings and exposed aggregate concrete footpaths
• New wayfinding signage
21
Images are artist impression only.
Location indicative only
9 Brisbane Street
Certificate of Title
Register Only Guaranteed Search Copy Dated 08/08/23 5:03 pm, Page of 1 2 Transaction ID 1460007 Client Reference acuebillas001 RECORD OF TITLE UNDER LAND TRANSFER ACT 2017 FREEHOLD Guaranteed Search Copy issued under Section 60 of the Land Transfer Act 2017 Identifier OTB1/1287 Land Registration District Otago Date Issued 05 December 1962 Estate Fee Simple Area 840 square metres more or less Legal Description Lot 7 Deposited Plan 9667 Registered Owners Park Street Gardens Limited Interests Subject to Section 59 Land Act 1948 1642 Certificate under Section 116 Land Act 1948 reserving a Right of Way over part Lot 7 Block XXXVIII Town of Queenstown shown coloured yellow on DP 9667 appurtenant to Lot 8 DP 9667 - 5.12.1962 11474979.1 Mortgage to Bank of China (New Zealand) Limited - 26.6.2019 at 5:08 pm
Register Only Guaranteed Search Copy Dated 08/08/23 5:03 pm, Page of 2 2 Transaction ID 1460007 Client Reference acuebillas001 24
Identifier OTB1/1287
9 Brisbane Street Queenstown INFORMATION MEMORANDUM Licensed REAA 2008
