No.1 Hansen Road
Queenstown, New Zealand
Product Type
Property Loan
Interest Rate
12% p.a
Payment
Monthly
Max LVR
75%
Over 34,000m2 of prime land in Queenstown NZ
No.1 Hansen Road
The development is situated at the junction between Hansen Road and State Highway 6 in the heart of Frankton, Queenstown, set against the backdrop of the beautiful Remarkable Mountains.
The property has been approved for subdivision into 15 lots. New land titles are anticipated to be issued by end of October 2024. 2 lots to be vested as road with QLDC, resulting in a total of 13 land lots in the development.
Queenstown’s accommodation crisis is a well documented issue. Overcrowded rentals, soaring prices, and some residents even forced to live in cars and tents.
The precinct will consist of one car storage building and eight worker-accommodation blocks. It will provide a diversity of rental housing through hostel-type accommodation offering ensuite-rooms with shared cooking and living facilities, and complete 1-, 2-, and 3-bedroom apartments.
Block A | Ensuite Rooms | 5 levels // 90 Rooms |
|---|---|---|
Block B | Ensuite Rooms | 5 levels // 108 Rooms |
Block C | Ensuite Rooms | 4 levels // 50 Rooms |
Block D | Apartments | 4 levels // 69 Rooms |
Block E | Apartments | 3 levels // 30 Rooms |
Block F | Apartments | 3 levels // 30 Rooms |
Graphic illustration of master plan – not for planning purposes | ||
|---|---|---|
Block G | Apartments | 3 levels // 30 Rooms |
Block H | Apartments | 4 levels // 69 Rooms |
Car Storage and Residential Levels | Car Parks | 51 Sold Freehold |
121 Retained for Lease | ||
Apartments | 2 levels // 119 Rooms | |
950m2
1 of 17 Lot 14 11,696m2 2 of 17 Lot 13388m2
3 of 17 Lot 12626m2
4 of 17 Lot 114,361m2
5 of 17 BLOCK CLot 10
1,473m2
6 of 17 BLOCK BLot 9
1,347m2
7 of 17 BLOCK ALot 8
1,072m2
8 of 17 CAR STORAGELot 7
4,385m2
9 of 17 Lot 6312m2
10 of 17 BLOCK HLot 5
2,188m2
11 of 17 BLOCK FLot 4
2,169m2
12 of 17 BLOCK ELot 3
2,169m2
13 of 17 BLOCK DLot 2
1,794m2
14 of 17 Lot 1533m2
15 of 17 Hansen Road 16 of 17 Frankton - Ladies Mile Highway 17 of 17Sophisticated Investors
To be considered for this investment product; applicants must supply evidence they qualify as a Wholesale Investor within the meaning of Section 761G of the Corporations Act (Cth) 2001 in Australia, or within the meaning of Schedule 1, Part 1 (3) of the Financial Markets Conduct Act 2013 in New Zealand
Investment Terms
The terms of this facility are as detailed in the Information Memorandum titled ‘No.1 Hansen Road’ and include those set out below.
Product Type
Interest Rate
12% p.a
Payment
Monthly
Fund | GE Hansen 2nd Lending Trust (the Fund) |
Lender | Investors apply for subscription of units in the GE Hansen 2nd Lending Trust (Units). There will be 2 classes namely AUD Class and NZD Class. Investors may request a copy of the Trust Deed if desired. |
Borrowers | Joint and several co-borrowers: No.1 Hansen Road A B LP (awaiting registration) and No.1 Hansen Road Limited (NZ Co. No. 6195307) |
Use of Proceeds | To support working capital during construction of Stages 2 and 3 |
Loan Security | On issue of the individual land titles and the respective registration of mortgages in favour of the Fund, security will comprise an all asset charge over the Borrower(s) and registered 2nd mortgage over all 13 lots of land. This security ranks behind senior land and construction financing. Until that time, no cash advances will be made from the Fund to the Borrowers and the security of the Fund shall be the assets of the Fund (being the proceeds from investors) held in a designated trust account, within an Australian Deposit Taking Institution. (Registration on the titles is anticipated by end of October 2024.) |
Property Value | On completion of 2 residential floors on Lot 7, Block A on Lot 8, Block B on Lot 9 and the residual land as-is: $143,441,778 NZD anticipated gross realisation |
Maximum Loan to Value Ratio (LVR) | 75% |
Interest | 12% p.a. payable to investors monthly |
Loan Maturity | 31 March 2026 |
Minimum Investment | $50,000 AUD to Wholesale Investors within the meaning of Section 761G of the Corporations Act (Cth) 2001 in Australia, or $50,000 NZD to Wholesale Investors within the meaning of Schedule 1, Part 1 (3) of the Financial Markets Conduct Act 2013 in New Zealand |
Loan Repayment | Early repayment allowed, at discretion of the Borrower |
Gleneagle Product | HANS12P2410 |
Tackling Queenstown's rental accommodation crisis
The district’s relatively young and transient workforce means there is a high demand for rental accommodation.
Almost three quarters of Queenstown Lakes businesses said the availability of worker accommodation is more than just a minor issue for their business, with one in three saying it represents the biggest barrier to achieving optimal staffing levels.
Almost half of Queenstown Lakes employees are aged under 35 years
Businesses who said worker accommodation is more than just a minor issue
A vibrant alpine village for high-quality worker accommodation
The precinct will offer a high quality of living in a community focused, social and alpine parkland environment. The landscape design will thoughtfully define communal spaces, create privacy and complement the physical history of the lakes area. On the ground plane, up to 15 retail / food and beverage outlets will spill into community amenity areas to create dynamic outdoor spaces.
Total
Rooms
Maximum Occupants
A lucrative venture fuelling local wealth and tourism
The project presents a commercially viable development opportunity, whilst assisting the community to meet the fundamental human needs of local workers, and contributing toward expanding the region’s wealth, business and tourism opportunities.
Anticipated gross realisation on completion of 2 residential floors on Lot 7, Block A on Lot 8, Block B on Lot 9 and the residual land as-is. ($NZD)
1 in 5
Queenstown-Lakes businesses located within two kilometres.
Rental demand over the next decade catered to by the development.
Project Staging
Subdivision of the lots and construction of the car storage facility
176 car parks and lifestyle lockers span across 3 levels, architecturally designed by Mason and Wales.
51 parks will be settled as freehold sales, and 4 reserved as access parks.
The remaining 121 car parks have been retained and are being offered for lease, operating as The Motor Club.
Additional residential levels above the car storage
Consent to an additional commercial level was granted in August 2023.
A variation is now underway to facilitate 2 levels of worker accommodation. These levels will provide 32 apartments // 119 rooms, subject to final Resource Consent.8 Blocks of purpose-built worker accommodation
Resource Consent for the worker accommodation blocks was applied for under the COVID-19 Recovery (Fast-Track Consenting) Act 2020 (FTCA).
The Panel granted consent to No.1 Hansen Road on 25 June 2024.
Construction of Blocks A and B is anticipated to commence in November 2024.
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