The third-floor, three-bedroom apartment, at 53 Shotover St, is a generously sized 196sqm with a 150sqm deck that’s thought to be the largest in central Queenstown.
Combined with world-class mountain and lake views, CBD location and amenities, it helps the unit generate excellent turnover from holidaymakers of about $245,000 gross per year, or $112,000 net after expenses like management fees, body corporate levies and rates are taken off.
"It did about 250 nights last financial year, and as far as a Queenstown residential property investment goes, that’s as high as I’ve come across, by quite some margin," says agent Sam Jones, from Arrowtown-based Luxury Real Estate, who’s marketing the apartment for its local vendor.
"Ultimately, the bones of it, the location, the amount of income it generates, these are like hen’s teeth.
"But then you go down the lift and you’re right smack-bang in the middle of the CBD."
Jones says he’s impressed not only with the size of the deck, which lends itself well to outdoor entertaining, but also the inside space which allows for three spacious double bedrooms each with tiled ensuites.
"A lot of apartments are typically three-bedroom, two-bathroom, but the fact everyone gets their own self-contained space with bedroom and bathroom, that’s quite a rare offering as well."
The master bedroom’s ensuite also includes an over-size shower and spa bath.
Jones says The Shotover’s well managed by Aura Queenstown "who have excellent systems in place to accommodate the enormous demand from guests, many of whom are repeat bookings".
Currently, nightly rental in the low season is about $750, and up to about $1500 in the high season.
The apartment also comes with an owner’s carpark in the basement.
Other features include underfloor heating in the living area, kitchen and bathrooms, a well-equipped kitchen with Miele appliances and original artworks.
As to who the apartment would appeal to, Jones suggests "someone who wants to park some money in Queenstown and generate a good income off it, but also use it now and then for their own personal use".
"Obviously, last year was a bit of a challenge with high interest rates and people essentially sort of sitting on their hands and getting relatively good returns just having their money parked in the bank.
"But as the rates come down, the investors will start looking for different avenues to make that money work for them, and Queenstown is as good as probably any in the southern hemisphere right now to put money as, obviously, the tourism market comes back."
The Shotover’s for sale by negotiation.
