The auctioneer’s hammer went down at $5.15 million for a long-time Queenstown CBD motel property this week after spirited bidding by two parties.
Colliers Queenstown’s Brendan Quill was auctioning 1 Gorge Rd — the land and buildings occupied by Amber Lodge Motel since the 1970s.
The opening bid, from the floor, was $3.8m, but from about $4m onwards, two parties, bidding by telephone, raised the stakes by mostly
$50,000 at a time.
In all, 23 bids were lodged.
Mountain Scene understands the 12-unit motel — on the corner of Gorge Rd and Turner St — was bought by an out-of-town investor who
already owns commercial property in Queenstown.
It’s thought the new owner will continue to run the property as a motel, at least in the short term.
The property was marketed as a potential development opportunity, given its maximum height under a proposed zone is 16.5 metres, compared to the current restriction of seven to eight metres.
The rateable value, as at September 2021, was $4.76m.
