Queenstown Apartment complex units placed on the market

Some 13 upmarket apartments within the recently completed Pounamu Prime and Bowen View complexes in Queenstown are being placed on the market in an auction.

Pounamu Prime – neighbouring the similarly named Pounamu accommodation units, yet a totally separate development – is comprised of 29 two-bedroom apartments and five three-bedroom apartments overlooking Frankton Road, the main route between Queenstown CBD and the town’s airport. Most apartments have views of Lake Wakatipu. Similarly, the Bowen View apartments a kilometre away have a range of views over the lake.

Both developments are being marketed by Bayleys Real Estate and are being taken to auction in Queenstown on Friday April 23. Seven of the Pounamu Prime units are up for sale, with six of the Bowen View titles being auctioned.

Bayleys Queenstown director David Murray said individual units at both the Pounamu Prime and Bowen View apartment complexes could be bought as owner/occupier residences, or purchased as investment properties.

Mr Murray said that under the investment option, the Pounamu Prime apartments could be placed in a central accommodation pool alongside the neighbouring Pounamu accommodation – currently operated under an independent management contract.

Studio apartments at neighbouring Pounamu are currently being charged out at $150 per night, while one-bedroom units are on offer for $290 per night, and two-bedroom residences at $370 per night. Mr Murray expected the Pounamu Prime residences would rent for considerably higher rates as they have greater floor areas.

Nearby, the Bowen View apartment development consists of 25 two and three-bedroom luxury residences spread over nine levels, alongside three separate executive homes. The apartment block features a central spa facility and BBQ area for owners or guests.

The Bowen View units could be run under property management by one of Queenstown’s numerous short term rental agencies.

“For accommodation purposes, both Pounamu Prime and Bowen View apartments would be considered four-star properties – as the fit-outs at both developments were undertaken to an extremely high spec’ level. They are being sold in ’show home’ condition - they all come complete with gas fires, full kitchen amenities, carpets and usual fittings, but have never been lived in at all,” Mr Murray said.

“There are few residential apartment complex offerings of this type available in Queenstown.”

Mr Murray said that with winter on the horizon, and Queenstown tourism operators predicting a rebuilding of support from the Australian in-bound ski market, the apartments at both Pounamu Prime and Bowen Views could easily be structured to quickly deliver rental returns.