Brunswick Street Development Site
FURTHER INFORMATION
NOTICE OF DISCLAIMER
This Memorandum has been prepared solely to assist interested parties in deciding whether to undertake their own evaluation of the property. This Memorandum does not purport to contain all information that a prospective Purchaser may require and, in all cases, interested parties should conduct their own investigation, analysis and verification of the data contained in this Memorandum and of the property itself. Neither the Agent or Owner make any representation or warranty as to the accuracy or completeness of the information contained in this Memorandum and neither the Agent or Owner shall have any liability for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from, or failure to correct any information in this Memorandum. Retention of this Memorandum will constitute acceptance by the recipient and readers of these terms and conditions and any recipients who do not accept any of the terms and conditions should return the Memorandum to the Advisors immediately.
Introduction
Acquired under private ownership over a period spanning 30 years, this strategically amalgamated site of absolute blue-chip land parcels offers a development opportunity which is well described as incomparable.
Encompassing a combined total of 3689 sqm of highdensity residential land across a wide site which starts a stones throw from the shoreline of Lake Wakatipu and which also rises to secure uninterrupted views of Queenstown Bay, the scope for significant development is readily apparent.
From the base of the site, a virtually flat walk to the centre of town is available, a position rarely obtainable anywhere in Queenstown, let alone from positions of immense lake aspect.
The neighbouring properties signal immediate development potential with the site to the North-East recently consented for premium apartments and the Roki ‘ultra luxury’ hotel on the opposite side of the road is currently under construction and scheduled to open mid-2025.
A series of existing dwellings provide holding income for the short, medium and long-term depending on the investment profile of the new owner. In particular, three substantial homes on 13/15 Brunswick Street are significant assets in their own right. Designed by Jasmax Architects, these dwellings are designed in an alpine style and completed to a premium standard. Their capacity for short-term letting is strong due to their location, size and quality. Three further dwellings offer potential to add further holding income across the balance of the site.
An assessment of nightly rental rates and potential occupancy levels is available on request.
BRUNSWICK STREET DEVELOPMENT SITE
Property Description
13/15 Brunswick Street, Queenstown
Stratum in Freehold
OT15C/1178
OT15C/1181
OT16B/402
Section 15 Block XXVI Town of Queenstown and Lot 20 DP 4190 and Section 16 Block XXVI Town of Queenstown and Lot 19 DP 4190
PUA and PUD with share in underlying 1625sqm
13/15 Brunswick Street, Queenstown
13/15 Brunswick Street, Queenstown
Stratum in Freehold
OT15C/1179
OT16B/402
Section 15 Block XXVI Town of Queenstown and Lot 20 DP 4190 and Section 16 Block XXVI Town of Queenstown and Lot 19 DP 4190
PUB with share in underlying 1625sqm
Residential Zone B
Stratum in Freehold
OT15C/1180
OT16B/402
Section 15 Block XXVI Town of Queenstown and Lot 20 DP 4190 and Section 16 Block XXVI Town of Queenstown and Lot 19 DP 4190
PUC with share in underlying 1625sqm
Residential Zone B
Contains residential dwelling with residential apartment constructed in the 1990s.
PUA 223 sq m
PUD 116 sq m
Total 339 sq m
Residential Zone B
Contains residential dwelling constructed in the 1990s.
PUB 139 sq m
Contains residential dwelling constructed in the 1990s.
PUC 189 sq m
Location, Scale & Zoning
The subject properties are situated along Brunswick Street, Queenstown.
The properties are zoned High Density Residential.
The High-Density Residential Zone Purpose is stated in the Proposed district Plan as:
The High-Density Residential Zone provides for efficient use of land within close proximity to town centres and Arthurs Point that is easily accessible by public transport, cycle and walkways. In conjunction with the Medium Density Residential Zone, the zone plays a key planning role in minimising urban sprawl and consolidating growth in existing urban areas. In Queenstown, the High-Density Residential zone enables taller buildings than in the other residential zones, subject to high design quality. In Wanaka, lower building heights are anticipated, accounting for its distinctive urban character, however relatively high densities are still achievable. Such development will result in a greater diversity of housing supply, help support the function and vibrancy of town centres, and reduce reliance on private transport.
Queenstown Lakes Proposed District Plan
Brunswick
Effective Date: 20/06/2024
QUEENSTOWN MALL
STEAMER WHARF
EICHARDTS PRIVATE HOTEL
QUEENSTOWN BEACH
THE REMARKABLES MOUNTAIN RANGE
EARNSLAW
KELVIN HEIGHTS
QUEENSTOWN GARDENS
KELVIN HEIGHTS GOLF COURSE
BRUNSWICK STREET DEVELOPMENT
QUEENSTOWN BAY
ROKI ULTRA LUXURY HOTEL
Zoning – Height Limits
Under the current zoning the development envelope can be described as:
CURRENT PERMITTED 7M HEIGHT LIMIT
• 7m limit
• 70% building coverage
• 20% impervious coverage
• All boundaries being 2m
CURRENT RESTRICTED DISCRETIONARY 10M HEIGHT LIMIT
• 10m limit
• 70% building coverage
• 20% impervious coverage
• All boundaries being 2m
Under the potential plan variation as part of the central government drive for urban intensification, the
PDP URBAN INTENSIFICATION VARIATION
• 16.5m height limit
• 70% coverage
• Recession plane, being measured from 8.5 above the boundary, with a 60-degree recession plane on all boundaries, other than the southern boundary where a 45-degree recession plane applies. Recession planes do not apply to road boundaries nor boundaries that adjoining a park or reserve.
• 1.5m setback to all boundaries
• An additional 2 metre setback from all boundaries, in addition to the required minimum boundary setbacks of 1.5m shall apply to the area of buildings that exceed a height of 10m from the ground level.
Further information can be found https://www.qldc.govt.nz/your-council/district-plan/urban-intensification-variation/
Bulk and Location
A bulk and location analysis has been completed by the Vendor been for two separate development scenarios.
The first is for a townhouse development spread across properties 3-5,7,9 Brunswick Street.
This plan allows for the existing premium homes on 13/15 Brunswick Street to be retained and provides an overall cohesive development of the streetscape in keeping with the existing built environment. These townhouses range from 170 sq m to 250 sq m and enjoy spectacular views. We anticipate that such a product would be well received in the marketplace as it would suit both permanent residences and lock up and leave holiday homes. This use is fully complying with the District Plan in terms of use. It could be developed in stages further derisking the opportunity.
The second is a comprehensive development across the full site exploring the potential envelope available under the proposed urban intensification variation.
The result is significant with some 12,621 sq m of Gross Floor Area produced including 4,250 sq m of residential apartments internal space and 2,260 sq m of additional balcony space.
The aspect can not be overstated with the very best views Queenstown Bay and Lake Wakatipu views available from a large proportion of the residential space.
We invite interested parties to explore what other configurations may maximise the use of this exceptional development site including Visitor Accommodation which is classified as Restricted Discretionary in the High-Density Zone.
Queenstown Overview
World famous for its spectacular scenery, Queenstown is nestled amongst the dramatic Remarkables Mountains and the crystal-clear Lake Wakatipu. This alpine resort is known as the adventure capital of New Zealand offering every activity imaginable from skiing, jet boating, sky diving and bungy jumping as well as resorts, spas and many established golf courses and wineries.
Not only is Queenstown a popular wedding destination it’s also favoured for movie locations and features on big screen films including Lord of the Rings and The Hobbit.
Queenstown is often mooted as the ‘Jewel in the Crown’ for New Zealand tourism.
Queenstown is also become a very sought-after place to reside with permanent and semi-permanent residents moving to the area in greater numbers. In particular, families are moving to the area to set down roots and raise a family amongst the plethora of family friendly amenities and retirees are moving to the area to enjoy the region’s climate, cosmopolitan lifestyle and great outdoors.
The Queenstown property market has weathered the recent market downturn ‘better than most’ underpinned by net migration, strong demand for residential housing a buoyant holiday home market and limited land supply.
Queenstown Property Market
The Queenstown property market has performed well in recent years against a backdrop of a recessive National property market. The market is commonly underpinned by positive net migration and limited land supply.
The Queenstown average current house value as at March 2024 $1.78M vs a national average of $934K. Source Infometrics.
AVERAGE CURRENT HOUSE VALUE
Average house value in March 2024 quarter
$933,633
$1,779,124
Queenstown-Lakes District New Zealand
HOUSE VALUE GROWTH
Queenstown-Lakes District New Zealand
POPULATION
People, as at 30 June
QUEENSTOWN-LAKES DISTRICT
NEW ZEALAND
POPULATION GROWTH
Annual % change, year to 30 June 2023
