PHOTO: SUPPLIED
The council has confirmed that it is currently in talks with a buyer regarding the last portion of common land on Queenstown Hill. While the identity of the buyer and the specifics of the agreement remain confidential, the sale is anticipated to release funds earmarked for local infrastructure investment.
According to a spokesperson for the Queenstown Lakes District Council, more details will likely be available around mid-June, pending the finalization of the deal. The chosen purchaser for The Commonage land has been selected, but to maintain confidentiality for all involved parties, further information cannot be disclosed at this stage. However, once due diligence is completed, additional information will be provided.
Earlier this year, Colliers real estate agents promoted the 9.5-hectare property as one of the premier development opportunities in the country, representing the last significant land parcel available for development in Queenstown. Situated off Vancouver Drive, this property is the last remaining portion of approximately 40 hectares of freehold land granted to the council by the central government in 1971 to support town infrastructure.
Though currently forested, the land holds potential for various developments, ranging from hotels to upscale residential neighborhoods or larger-sized sections. If the sale proceeds as expected by mid-year, it will mark a successful outcome for the council after previous unsuccessful attempts to sell in 2017 and 2021. Over the years, other sections of The Commonage block have been sold and developed.
With its elevated position, the property offers stunning views of Lake Wakatipu and the surrounding mountains, adding to its allure for potential developers.