‘Aspen meets Whistler’ – NZ’s $2bn development takes shape
New Zealand’s south island city of Queenstown is a drawcard for developers where one Melbourne joint venture is already selling $NZ100m worth of yet-to-be built apartments.
It seems developers can’t get enough of Queenstown on New Zealand’s South Island.
Former Sydney agent Chris Meehan recently unveiled his Ayrburn hospitality precinct near the alpine township and a Melbourne joint venture is already selling $NZ100m worth of yet-to-be built apartments.
Nearly 20 years in the planning, Lakeview Te Taumata is being undertaken in a joint venture between ASX-listed Centuria Capital and Melbourne-based 94 Feet.
More than 70 per cent of buyers in the project are Australian, while the remainder is New Zealand locals and some interest has come from the United States, according to the marketing agent, New Zealand Sotheby’s International Realty.
The American interest has arisen even though the NZ government recently banned foreign buyers, except for Singaporeans and Australians, in a bid to stymie skyrocketing prices.
The approval on the first stage of the $NZ2bn ($1.9bn) masterplanned precinct comes after the developers agreed to drop the heights of the buildings, some by up to 9m.
The partners in Lakeview Te Taumata spent the past five years working closely with New Zealand regulatory authorities and local Maori representatives to secure the approval, according to the developer, PRE-sales.
The project will be launched to the market on Saturday of which the first two stages comprise 224 apartments.
According to the developer, sales to date range from $NZ750,000 for studio apartments to $NZ9.8m for a 256 sqm three-bedroom apartment and 44 sqm terrace with views over Lake Whakatipu and Queenstown’s The Remarkables.
“We’re not surprised at the level of interest – this project is incredibly unique, has been very carefully planned and represents one of the most unique residential offerings ever seen in New Zealand,” New Zealand Sotheby’s International Realty chief executive Mark Harris said in a statement.
“We are talking a $NZ2bn-plus precinct in one of the world’s most well-known ski and lifestyle destinations. It’s where Aspen meets Whistler and Pebble Beach meets Augusta.
“Australians have a very strong affinity with Queenstown and that’s one of the reasons why we’re seeing the level of sales and inquiry, aided by the benefits of a favourable exchange rate.”
Construction of the first stage of the project, comprising three buildings ranging from nine to 12 levels and named the Roto Collection, will begin later this year.
The Roto Residences comprises studio and one-bedroom apartments as well as two and three-bedroom units offering living spaces from 77 sqm to 149 sqm with lakeside terraces of up to 22 sqm.
Sub-penthouses will feature four and five-bedroom layouts with 3.5 bathrooms and living areas from 221 sqm to 392 sqm. The sub-penthouses, spanning over half a floor, are priced from $NZ$8m to $NZ11m.
The Roto collection will be topped by a 475 sqm penthouse which has mountain, city and lake views, and a 37 sqm balcony.
The penthouse is available in two designs – one featuring five bedrooms and 5½ bathrooms and the other with four larger bedrooms and 4½ bathrooms. The penthouse has a private wine cellar, gym/wellness centre and the option of a sauna.
Mr Harris said the Roto Collection’s penthouse, which is on the market for $NZ25.5m, had already attracted significant interest from potential buyers.
“We have been fielding inquiries from multiple high-net-worth buyers who recognise the transformational nature of this development and its positioning as a world-class residential-resort in the heart of Queenstown,” Mr Harris said.
The Lakeview Te Taumata precinct, to be delivered in multiple stages over the next decade, has been designed as a complementary extension of the existing Queenstown town centre.
When completed, it will comprise luxury residences, four hotels, as well as ground-floor retail, restaurants, bars, art gallery, public plaza and a hot-pools attraction.
The official launch of the development and the strength of preliminary sales marks a major milestone for the project and its development partners.
“The early market response has established a firm timeline for a start to construction late this year,” said 94 Feet development manager Charmaine Balchin.
“Our team has been gearing up for this project for many years now, working with multiple stakeholders to create an exciting development that enriches the Queenstown experience for visitors while delivering significant benefits to the local community, including extensive infrastructure works.”
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