Harcourts Queenstown realtor Damian Petre said the 9439sq m of land on Frankton Rd, in eight separate titles zoned high density, had consent for a 118-unit development, but the consent was due to expire in December.
The North Island-based owner bought the Frankton Rd sections - which range in size from 932sq m to 1571sq m - opposite Goldfield Heights a couple of years ago at a mortgagee sale but now wanted to sell as he had recently bought a "large, large parcel of land" in the North Island, Mr Petre said.
A Lakes Environmental spokeswoman told the Otago Daily Times the lots on Frankton Rd were owned by Palmerston North-based company Challenge Manawatu Ltd.
The Queenstown Lakes District Council rates database shows the company also owns a 1.2ha section on Frankton Rd, understood to be the balance of the Pounamu Apartments land, with a capital value of $4.2 million.
Mr Petre said Harcourts had been marketing a portion of the land before Christmas, but most interest was in the total parcel of land.
"We're dealing with people both local [to Queenstown and Otago] and throughout New Zealand. We've also had some interest from expat Kiwis.
"We're going to be encouraging interest around the $3 million mark. At this price, you are paying a comparable square metre rate to recent mortgagee sales, without the risk."
Mr Petre said it was rare for so much prime waterfront real estate to go on the market.
There are two dwellings on the site.
