PHOTO: Lakefront sale
A plum development site along Queenstown’s Frankton Road has sold for $6.2 million, including GST.
Situated on a prominent spur, less than 1.4km from the CBD, the 4160 square metre site – immediately above Lake Wakatipu – is zoned for visitor accommodation.
Formerly owned by a Kiwi based in the United States, it’s been bought by an Auckland-based investor, according to local New Zealand Sotheby’s International Realty sales associate Matt Finnigan.
The recent $16 million sale to SkyCity, of a larger Frankton Rd block, “probably helped demonstrate some of the market values”, he says.
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