Sitting on an elevated corner site only 200m from Queenstown CBD with views looking straight down Lake Wakatipu, the St Andrew’s Church building at 24-28 Stanley Street, Queenstown was dedicated and opened in September 1968 and has been home to an active congregation since.

However, life moves on and with the Church citing rising maintenance and insurance costs, declining rental income from rooms previously hired by community groups, and some accessibility and parking issues for its parishioners, the property has been placed on the market for sale. The congregation will move to the Church’s Frankton premises, which is a better fit for its needs.

Brokers marketing the property say the High Density Residential zoning on the freehold dual-titled 1,998sqm site under the Queenstown Lakes District Council's operative district plan supports more intensive residential accommodation, in line with surrounding properties.

Further, the council’s proposed district plan has an urban intensification variation overlay across the site, which is expected to increase allowable density and height limits given the property’s proximity to Queenstown’s commercial centre and surrounding hotels.

Jesse Paenga, Allister Simpson and William Wallace of Bayleys are handling the divestment of the Church site, and taking it through a deadline private treaty process closing 13th March, unless sold prior.

Significant growth and demand for short and long-term accommodation coupled with the scarcity of favourably zoned landholdings with scale in Queenstown is driving demand for higher density residential development, says Paenga.

“Sites close to town and with compelling views are highly sought after and those with potential further intensification upzoning hold the greatest appeal for developers.

“The urban intensification variation proposal currently under submission suggests a height increase to 16.5m for the subject site – a rarity in the Queenstown development landscape.

“This site is on the market for the first time in more than fifty years and we’ve received solid enquiry from development entities that recognise the credentials and potential it holds.”

Simpson says stage one of the Queenstown Town Centre Arterial linking Melbourne and Henry Streets has opened, removing general traffic from Stanley Street.

“This is a key enabling project for Queenstown’s town centre and is expected to unlock more development and investment to leverage the accessibility benefits around the lakeside hub.

“The subject site has easy vehicle and pedestrian access into the Queenstown town centre as well as various public transport options right on the doorstep.

“While there is feasibly a buyer out there who could look to repurpose the existing 880sqm Church building, we think the best and highest use is likely to be a residential development that optimises the site’s views and location.”

Paenga says lower interest rates, the enduring popularity of Queenstown, and the government’s recent visa policy setting announcements to open the doors wider to foreign investment all point to further growth in the town.

“The acquisition of the Stanley Street site would position a new owner very well as we approach a new real estate cycle.”