First homes on market in new 'Frankton North' neighbourhood

Waipuna Rise is the first cab off the rank for a fresh new neighbourhood north of State Highway Six, with the initial 52 apartments of the residential development hitting the market today to be followed by hundreds more. 

The developer, Eric Zou, of Latitude 45 Development, says his four hectares of land off the highway will eventually house 150 residential units as well as retail and other commercial spaces closer to the main road.

Construction is expected to start within the next six weeks, but there is not yet a date for completion.

Mr Zhou is not the only developer eyeing up the potential north of the highway, where paddocks are flagged to make way for further development across more than two-dozen hectares of land dubbed 'Frankton North'.

According to Mr Zhou, there are another four developers with their hands already on land between the BP roundabout and Quail Rise, but he isn't aware of their plans. 

One of them is Wānaka-based developer Lane Hocking of Universal Developments - who has nine hectares.

An indicative scheme plan for his proposed development includes 700 apartments, with up to four bedrooms. 

However, it is still early days for Mr Hocking at this site.

"We haven't applied for a resource consent yet as we're focusing on other projects currently," he says. 

113 Ladies Miles Highway is Latitude 45 Development land that will house 150 apartments.

Meanwhile the first stage of Waipuna Rise is comprised of 10 terraced homes, with two bedrooms and a third studio room downstairs, and 42 apartments, roughly half of which will be two-bedroom, the other half, three. 

Waipuna Rise project manager Anton Kirkback tells Crux the development will also involve the building of a road from the Hawthorne Drive roundabout and into the new development.  

He says eventually this road, which is included in the Frankton Masterplan, will connect up to Quail Rise, but for now they're only building the first section of it.

Bayleys Projects marketing manager Jamie Graham says all 52 dwellings are on the market from today, although over the last week he's been testing the waters with buyers already on his database.

And, there's already one home under contract, he says. 

The Waipuna Rise masterplan.

Mr Graham says the development appeals to second home buyers - those looking to move from their first home into something larger - as well as investors and those wanting a holiday home. 

Rules for the zone allow for the operation of visitor accommodation all year round, he says. 

"I wouldn't position it as a first buyer product specifically, but there will be the odd first time buyer interested."

Prices range from $845,000 to $1.3 million. 

Queenstown Lakes Community Housing Trust chief executive Julie Scott says the trust hasn’t been gifted any sections at Waipuna Rise and has nothing lined up yet for future stages.

"We have had discussions with the developer about potentially purchasing some units - like we did with Toru - but haven’t advanced beyond those initial conversations some time ago."

She says the price points of $845,000 for a two-bedroom apartment "aren't feasible for the housing trust and its households". 

In the Frankton Masterplan, the stretch of land, on the other side of the road from the Queenstown Event Centre, is zoned as business mixed use and high-density residential.

Main image (Bayleys): An artists impression of the new development.