Developer Kurt Gibbons’ Gibbons and Co is behind 5 Mile 226 Ltd’s project, to be completed in three stages, which will ultimately result in 226 two-bedroom, two-storey standalone apartments, each with a private backyard.
The plans for the Five Mile Villas, being built on two vacant blocks in Hall St, near Remarkables Residences, were first revealed in April.
Gibbons, a major player in the Auckland and Wellington residential and commercial property markets, bought about 2.3ha of land, split into two titled blocks, close to the Queenstown Central shopping centre, which was part of a larger land holding, owned by Singapore-based GYP Properties.
Mr Gibbons praised the Queenstown Lakes District Council for its co-operation through the consenting process, despite a slight delay in getting approval.
Located in the Frankton Flats special zone, the development was considered to be consistent with the outcomes sought by the zone rules, consultant planner Nathan O’Connell’s report - signed off by independent commissioner Dr Lee Beattie - said.
Also, the combination of the building design and extensive landscaping would ensure any effects in respect to residential character and amenity on neighbouring people would be less than minor.
The decision noted the comprehensive nature of the subdivision would provide "a large number of houses that will help meet the demand and recorded need for more affordable housing within the district".
Mr Gibbons said construction was set to start at the end of this month and he was still expecting the first residents to be living there by Christmas.
He estimated up to 20% of properties sold to date had been snapped up by first-home buyers.
- Additional reporting Olivia Judd
