Lakeside apartment block placed on the market

A block of 10 residential apartments within the recently completed Marina Heights development in Queenstown is on the market for sale.

Tussock Creek consists of five fully furnished studio apartments, and five fully furnished two-bedroom apartments on Marina Drive. The block is being marketed to investors as one package, with an asking price of $2.149 million.

The block has a total land area of 2023 square metres, with studio units measuring 26 square metres and two bedroom units 52 square metres. The annual rates for all 10 units is approximately $14,600.

Bayleys residential salesperson Beata Pociecha, who is marketing the development, said the apartments would fill a gap in the Queenstown residential market for purpose built one to two-bedroom rental accommodation.

“Rarely does a block of this size come onto the market as one offering. This is a great opportunity for a prudent investor with an eye for the future,” she said.

“With the 10 units being sold as one offering, there are obvious economies of scale for anyone looking at this block for its letting potential.”

Ms Pociecha said alternatively, there was potential for investors to tap into the tourism sector and offer the units as serviced apartments, or ‘pooling’ them in a time-share structure.

“The location is likely to be a draw card for tenants – stunning views of Lake Wakatipu and the Remarkables - all within a five minute drive from central Queenstown and Queenstown Airport,” she said.

“All the council development contributions have been paid, so this will substantially reduce the cost of any further subdivision of the property.”