Frankton - Queenstown 66 Marina Drive, Frankton, Queenstown, Otago 9300

  • 24
  • 18
  • 13
  • 24

For sale

$7,950,000

Income earner with future development potential

Positioned at the pinnacle of Marina Drive and offering spectacular views, this incredibly special labour of love offers something truly unique for the astute Queenstown investor.
Set over one freehold title and comprising 18 separate tenancies on 3,632sqm of land, this offering currently yields over $360,000 per year in rental income. Meticulously designed, the site has been structured to provide ample easy parking. The large parking area has also been built with certified fill, offering a generous developable area should any purchaser wish to further realise this asset's potential.
The upper building, finished in 2021, has been crafted to a high spec European building standard and includes triple glazing, wooden joinery, fresh air exchange system, separately controlled underfloor heating and electric blinds. This can be utilised by separately letting out each room (living space), or opening up internal access to be used as staff accommodation. The thermal efficiency of this building is incredible, keeping electricity costs at a minimum, even in the chilliest months of the year.
The lower building, completed in 2008, comprises six two bedroom, one bathroom self-contained units, and six studio units, all fully furnished, meeting the Healthy Homes Standards, with each unit separately metered. Also on hand in each block are comprehensive coin-operated laundry facilities providing further income for any prospective purchaser.
Along with the iconic views from the top, the bottom of Marina Drive provides bus stops/transport options, local breweries and a gas station, making this a fantastic, centrally-located option for any tenant, keeping occupancy and for this development in high demand.

• 24 bedrooms in total comprising studio, one bedroom & two bedroom units
• 25 off-street parks
• One freehold title
• New building pre-wired for solar and electric car charging

View ebook here: bit.ly/3y3SwQy

Property Details

Ref

  • 20789180

Property type

  • Unit

Floor area

  • 636 sqm

Land area

  • 3632 sqm

Rates

  • Local Council: $26,062.96
    Regional: $398.34

Capital Value

  • $2,850,000

Location 66 Marina Drive, Frankton, Queenstown, Otago 9300

Get more info

Learn more about this property listing by contacting one of our experts.

Make an enquiry

Contact our property experts to learn more about this listing or talk about your Queenstown or Dunedin real estate requirements. 

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Also in the area