News

With the recent and upcoming changes in the District Zoning Plans of the Queenstown-Lakes Region, there are plenty of opportunities on the horizon for property investors. In Central Otago, to accommodate for the unprecedented growth in the past five years, new changes have allowed for the intensification of the region, with ‘Medium Density Zones’ being introduced. As for Queenstown, the District plan seeks to increase residential density, allowing for more houses per section.

If you’re looking to take advantage of these new real estate opportunities, we’ve done a bit of research and collated some of the key upcoming and current developments in the area.

1. Ladies Miles, Queenstown

The master plan of Te Putahi Ladies Miles in Queenstown was unanimously signed off at the Queenstown-Lakes District Council (QLDC) meeting earlier in June this year. Under the approved plan, the development of 2400 high or medium-density homes, a town centre, two schools and a sports/community hub, along with measures for reduced vehicle use and improved transport infrastructure along Queenstown’s Ladies Mile.

Rather than handing the reins to private developers, this development will be council-led - allowing for a stream-lined, and expedited planning process. Although its planning process is predicted to take another year, there is no harm in putting this opportunity on your radar.

2. Park Ridge (Coneburn), Queenstown

Previously known as Coneburn, the Park Ridge development spanning over 48ha is proposed to be split into a 632-section subdivision.

Initially proposed by businessman Don MacLachlan, this is the last housing proposal in the Queenstown-Lakes District approved by the Government as a special housing area. Construction for a roundabout from State Highway 6 into the subdivision and Scope Resources quarry is currently underway. This will provide safe access for Park Ridge residents off a busy highway.

Stage one of the residential development (which will take place over the course of 2023) will see infrastructure, roading, and a commercial precinct developed - including a daycare centre and community amenities.

3. Woolshed Road, Queenstown

Located at the north end of Hanley Downs within the Jacks Point Zone, Queenstown, a 272-lot medium-density masterplan for Woolshed Road is currently submitted for resource consent. The beautiful road nestles at the feet of the world-renowned Remarkables mountain. Classics Developments Ltd is seeking to develop Woolshed Road in stages on this 14ha site, immediately north of Hanley’s Farm.

The homes which range from 250sqm to 570sqm will be built as turn-key houses and land packages, complete with landscaping, allowing you to sit back and relax while the developers prepare your next investment property. As Classics Development Ltd control every aspect of the development, it projects the pricing of these homes to be less than $650,000 making it a relatively affordable investment in the pricey city of Queenstown.

4. Hanley’s Farm

Hanley’s Farm is a 135ha parcel of prime land nestled between Lake Wakatipu, Jack’s Point Golf Course and the Remarkables. Its master plan seeks to deliver a highly desirable development of 2,200 homes, a commercial and retail precinct, a primary school, and recreational facilities including parklands, bike tracks and walking tracks to allow the maximum utility of this stunning natural landscape.

Like Woolshed Road, Hanley’s Farm strives for affordability, with residential lots priced to meet the expectations of the first home buyer market.

Jacks Point Village

Park Ridge, Woolshed Road, and Hanley’s Farm lie adjacent to each other. Developments of such size demand a commercial hub to service the area. Jack’s Point Village, spanning over 142ha of land alongside Lake Tewa will serve as the heart of this area and provide a tourism, shopping, and recreational destination - as well as become an important lodging base for the broader Queenstown market. Once the Hanley’s Farm primary school and Jacks Point Village commercial development are finished, the area would become an almost self-sufficient township. This comprehensive development plan will attract high tourism traffic, making an investment in this region too good of an opportunity to miss.

5. Wooing Trees Estate, Cromwell

Fringed with vines, the sections in the Wooing Trees Estate border the Wooing Tree Park, home to the renowned “Wooing Tree”. With homes already being built in the stage 1 release, stage 2 of the Wooing Trees Estate has been approved under the COVID-19 Recovery (Fast-Track Consenting) Act. This housing and commercial development valued at $200 million takes place over 25ha of land area and will provide for 300 new houses.

The proposed commercial precinct will see a neighbourhood centre, travellers’ accommodation, boutique retail, hospitality spaces and cellar-door retail outlet for the landmark Wooing Tree winery and vineyard. There is also the potential for a retirement village in the later stages.

The Wooing Tree Development Partnership (formed by the Farquharson’s and Crawshaw Properties) has opened the door for investors to purchase an iconic piece of land in this unique region.

6. Three Parks, Wanaka

Three Parks is a “mixed-use development of approximately 140 hectares consisting of over 1,000 new residential households, a retirement village, a business park and a retail centre”. This retail, recreation, and residential hub is a key driver and accommodator of the local and surrounding district population growth.

The current focus of this development is the new retail centre consisting of over 40,000 square metres of retail and commercial premises designed to complement the existing Wanaka Town Centre, drawing in more tourists, and attracting an increase in the local population. As Wanaka’s reputation for its world-class tourism facilities continues to spread far and wide, this development would be a prudent investment opportunity to consider.

7. Longview, Lake Hawea

Longview in Lake Hawea, developed by Universal Developments Ltd is a community already several years into the planning process. Once implemented, it will see 480 residential lots with expansive mountain views lying next to a 3.5Ha township service centre and two recreational reserves. The first titles were already issued in May this year, with many more waiting in the wings, ready for purchasers to snatch up when released.

The bottom line…

There are plenty of opportunities currently cropping up in the Queenstown-Lakes region. If you want to maximise your returns, it’s a good idea to partner with a local property manager who can help you navigate the entire cycle of your investment property journey. With the borders opening up, and the tourism sector charged up to swing into action over the coming years, a property in this region will be a great investment opportunity.

 

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DISCLAIMER: The above advice is written by Propertyscouts New Zealand (2020) Limited and is intended as a broad guide for educational purposes only. The advice should not be regarded as legal, financial, or real estate advice. In all instances, you should make your own inquiries and seek independent professional advice tailored to your specific circumstances before making any legal, financial, or real estate decisions.

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