Former Aucklander Kurt Gibbons has bought a 1.01 hectare block off SkyCity Entertainment Group, at 633 Frankton Rd, which has been described as the resort’s largest vacant lakefront development site.
Last week his company Gibbons Co lodged a resource consent application to develop 88 two-level units stepped down between Frankton Rd and the Frankton Track.
Just four months ago, he launched Five Mile Villas in Frankton — 226 two-level, two-bedroom units near Remarkables Residences, of which he’s keeping 100 as long-term rentals — which is now underway.
Subsequently, he raised eyebrows by applying to allow visitor accommodation in 113 of the other units, just to offer buyers flexibility.
For Frankton Road Villas, Gibbons is proposing 24 dual-key studios across the top — called ‘Alpine Cabins’ — which investors could let out, or owners could live in one and rent the other out.
They’ll be priced from $699,000.
In the middle of the block there’ll be 33 three-bedroom, two-bathroom units and a carport — split between ‘Highland Terraces’ downstairs and ‘The Villas’ upstairs— which will be priced from $1.25million.
Then there’ll be a line-up of seven ‘Lakehouses’ containing four bedrooms, three bathrooms and an internal garage just above the Frankton Track — they’ll fetch $2.35m. There’ll also be 62 onsite carparks.
Gibbons believes the site, halfway to Frankton from central Queenstown, is "accessible to everything".
"A lot of people are sort of between Five Mile and Arrowtown now, so it’s quite accessible."
His philosophy’s to provide a range of homes, for people buying their first home or second-home buyers.
But he’s also keen just to provide more product. "We don’t want an under-supply, we want to at least keep up supply."
He believes the units, designed by local architects Designgroup Stapleton Elliott, represent good value and good quality — materials include cedar "and quite a high-end-looking plaster with insulated walls and things like that".
According to his resource consent application, he’s also seeking visitor accommodation approval.
"While visitor accommodation is being sought for all units, it is likely not all of them will be used for that purpose, some will likely be used for permanent accommodation, but the fact they can be used as visitor accommodation makes them more attractive to prospective purchasers."
Meanwhile, he says more than half of his Five Mile Villas are now under contract. He’d hoped to complete some units by Christmas, but says engineering approval took a month longer than expected.
Casino giant folds cards
Kurt Gibbons has bought a block SkyCity Entertainment Group paid $16million for in 2019.
The casino giant originally targeted a 100-plus room five-star hotel to house its Beach St high-rollers.
There was also a suggestion it could house a casino by transferring the licence from its then-closed small Wharf Casino.
However, two years ago it put the site on the market again — saying it didn’t align "with the current company strategy".
Gibbons then bought the site, for an undisclosed sum, about two months ago.
