Year-long site works have begun for one of Queenstown’s most exclusive and well-located subdivisions.
Civil Construction has started shaping the Lake’s Edge subdivision at the entrance to Kelvin Heights, by the Hilton hotel complex.
Just eight out of the 32 lakefront sections, released in the subdivisions initial stages, remain on the market.
Some 24 more sections behind the DoubleTree by Hilton Hotel will be released at a later date.
Sections sold from $550,000 to $1.1 million – those left range from $650,000 to $1.5million.
Local Ray White co-owner and salesperson Cam Reed says about 80 per cent of buyers are local.
He adds that earlier buyers will have enjoyed capital gain but no one’s put their section back on the market.
“Everyone’s pretty much focused on being end users – we’ve already had a number talk about their house designs.”
Reed says purchasers bought for the view and the site’s sunny and sheltered orientation.
Those attributes also attracted the founder of Queenstown William Gilbert Rees, two of whose early buildings are being protected in the subdivision.
Today’s buyers, Reed says, also factor in the close proximity to Frankton’s shopping centres, airport and soon-to-be-built replacement bridge at Kawarau Falls.
Reed says the site work will soon enable purchasers and would-be purchasers to identify sites, while also removing a prominent scar.
He concedes the sections aren’t cheap but says the offset is the developer Winton Partners New Zealand is creating buildable platforms.
“If you go and buy a section in other parts of Queenstown you might be faced with $250,000 of excavation before you can even start to build a house.”
Reed says buyers are also protected by design and landscaping covenants on Lake’s Edge homes.
He expects the first homes will start coming out of the ground late next year.
“I think it’s going to be one of the most prestigious addresses in Queenstown”.
Source: Mountain Scene