E+O Project Manages Queenstown Residential Build
After already building a successful portfolio of investment properties in Auckland we suggested our client to diversify their portfolio. Queenstown is another city with good capital growth potential, and it was here that we started looking for opportunities.
We came across a land and build package that ticked all the boxes – 4 bedrooms, 2 bathrooms, double garage with internal access. We secured this 972m2 piece of land, along with the planned development of a 227m2 dwelling for $633K. A very competitive price in the Queenstown market for a build of this size and quality. In addition to sourcing the land, our client also enlisted our services to Project Manage the build.
We worked with the developer to ensure the build went smoothly, and to the projected timeframe. With our client based in Asia, they were happy to leave the internal and external colour and fixture design to our in-house design specialist.
Once the property was finished we worked with the developer to get the Code of Compliance and Certificate of Completion from a registered valuer to ensure settlement could take place. This brand new property is now ready to tenant, and we expect the capital growth potential to be evident in the coming years. Our client now has a new type of investment, in a new part of New Zealand, to add to their portfolio.
E+O tip: When buying in Queenstown as an investment it is important to know which areas are likely to attract long term rentals, as opposed to short term holiday lets. Buy in the wrong area, and you will have difficulty finding tenants that are looking to sign up on a long term lease.