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October, 2020

A three-level parking buildings about to go up on one of
Queenstowns most prominent undeveloped sites.
Australian private equity firm The Eights is developing The Carparks at
No.1 on a 3.4 hectare site by State Highway 6.
Its between the Frankton cemetery and Hansen Road, and opposite the
Events Centre.
The carpark buildings part of a proposed 14,000 square metre
commercial, residential and retail complex called No.1 Hansen.
Work on this first building, designed by Dunedins Mason & Wales
Architects and to be built by CMP Construction, starts next month for
completion by next April.
The top two floors will have 56 freehold carparks each while the higher-
ceiling ground floor will accommodate a lesser number of campervan
The first 56 carparks are for sale, initially, for $105,000 plus GST.
They all come with lifestyle lockers, while therell be an onsite
management and valet service.
Carparks can be bought for your own use or leased to the developer for
three years for a net return of 5%.
Theyre being marketed by prominent Auckland-based realtor Michael
Boulgaris, whos
already bought one himself.
He believes theyll appeal particularly to Aucklanders with an affiliation
to Queenstown, as theyre close to the airport.
The developer originally planned a large worker accommodation
complex  up to 350 units in 10 multi-level apartment blocks  on the
More recently, Queenstowns council has put the levelled flat part of the
site into a new local shopping centre zone.
The site, which includes a house on the Hansen Rd/SH6 corner, has a
rating valuation of $5,200,000.

Source: Mountain Scene


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