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QLDC announces appointment of Commonage Development block agents
- Dec 22, 2017
Queenstown Lakes District Council has appointed the partnership of JLL & Luxury Real Estate as the joint agencies who will market the Commonage Development block sale that was announced 15 November 2017.
Located on Queenstown Hill, the Commonage Development block is the final piece of freehold land provided to QLDC by Central Government. At a time of sustained growth in both resident and visitor numbers, the revenue from the sale of this land will support Council’s ambitious and challenging draft Ten Year Plan.
QLDC Property Director Richard Pope confirmed that a full international tender process will begin in late January 2018. “We’re pleased to announce the JLL/Luxury Real Estate partnership as agents for this sale, combining local expertise with a national and international reach, and look forward to working with them to maximise the sale proceeds of the Commonage Development block,” said Mr Pope.
JLL Managing Director Nick Hargreaves said, “Given the prominent location with panoramic views across Queenstown and Lake Wakatipu, this site will offer broad appeal to both local and international developers and owner-occupiers. It is essentially one of the last major greenfield land opportunities within proximity to the township.
“The scarcity of accommodation options in Queenstown has become a contentious topic in recent years with New Zealand Trade and Enterprise estimating an additional 1,700 new hotel rooms will be required by 2025 to satisfy growing demand from international tourism. As such, we anticipate high levels of interest in the asset from the resort and hotel sector.”
Luxury Real Estate Director Nick Horton said, “This is a unique and important parcel of land, which will become the backdrop for the future of Queenstown. JLL and Luxury Real Estate are dedicated to running a competitive campaign leveraging our local expertise and global reach, to ensure that the Council maximises the sale price for local ratepayers.”
Details of the tender process will be available late January 2018.