Council sells land for $33 million
Queenstown Lakes District Council (QLDC) has confirmed the sale of the final block of its Commonage land at the base of Queenstown Hill for $33 million.
The 9.7ha block off Vancouver Drive ha been sold to a New Zealand-based buyer for residential development.
It is the last remaining portion of a much larger area that was vested in Council by central government in 1971, the balance having been sold in sections since then.
QLDC Property Director Roger Davidson says it is a positive outcome for ratepayers.
"Less than two years ago this property was valued at between $25m and $29m and hence the final sale price represents an excellent result,” he says.
"We had considerable interest in the property after it was offered to market in 2023, both locally and from further afield, and are pleased to confirm that the contract is now unconditional with a New Zealand-based purchaser with existing local interests."
Queenstown Lakes District Mayor Glyn Lewers said the sale reflected Council’s vision to invest in local infrastructure.
"The current QLDC Long Term Plan is centred on the urgent need to address key infrastructure challenges for our rapidly growing district, especially those outlined in central government’s Local Water Done Well proposals.
"This sale of Council’s remaining Commonage land will not only help to enable this investment but will also boost the local economy through the construction of new housing."
QLDC partnered with real estate agents Colliers Queenstown on the sale. The purchaser, whose name is currently confidential, has indicated that it will release more details on its plans for the site in due course.
