Landmark site poised to become Queenstown's next dress circle location

Queenstown’s next premium residential address is being offered to the market, with CBRE launching the sale of an elevated greenfield development site on Lower Shotover Road known as Spence Park.

Perched above the Shotover River with sweeping panoramic views and surrounded by some of the Wakatipu Basin’s most prestigious lifestyle locations, the site is at the gateway to the prestigious Speargrass Flat and Dalefield areas – home to Queenstown's most luxurious residences. 

This premium Lower Shotover location offers a unique chance to create a new, high-end residential development, poised to become Queenstown's next ‘dress circle’ living precinct.

CBRE Executive Chairman Brent McGregor, who is marketing the 12.4ha site with Capital Markets Director Cameron Darby, said this location makes the site arguably the best residential development opportunity available in the Queenstown Lakes district. 

“Spence Park is unmatched in Queenstown for its combination of scale, quality and location. It’s difficult to find a development site in New Zealand that is better matched to what capital is seeking right now – offering strong fundamentals, a premium location and a range of development options.”

With the Shotover River to the west and Lower Shotover Road on the eastern boundary, the expansive and secluded site has geographic separation from the rest of the Te Pūtahi Ladies Mile Master Plan precinct. This protects the future neighbourhood from being built out and also preserves the existing river and mountain outlooks from the site. 

The property, which is for sale by expressions of interest closing on October 9, 2025, has multiple access points from Lower Shotover Road and Spence Road. It also includes a mix of zoning typologies allowing for a range of housing options.


These attributes should make the site highly appealing to developers seeking to create a landmark community, said Darby. 

“The Te Pūtahi Ladies Mile zone allows for a combination of larger lifestyle lots, traditional residential sections and some medium density options in select areas. This meets an area of strong buyer demand in the Queenstown market, offering excellent appeal for those looking for more spacious living and excellent outlooks.”

Supply constraints and population growth trends add to the site’s appeal, with consistent demand for residential sections in recent years underscoring the market’s appetite for new housing in well-located, well-designed neighbourhoods.

Queenstown Lakes is one of New Zealand’s fastest-growing districts, with over 30% population growth forecast by 2033 under Queenstown Lakes District Council’s medium growth scenario. Migration, the tourism recovery and limited residential land supply have contributed to sustained house price growth and high demand for sections.

The location offers easy access to Arrowtown, various golf courses, the historic Shotover Bridge and bike trails, as well as ski fields and the Ayrburn hospitality precinct. It is also close to Queenstown Airport, schools and the Frankton retail & commercial centres. 

Council and government infrastructure investment into roading and transport, including the $250 million Queenstown transport package to improve State Highway 6, is expected to enhance accessibility and support future growth.

McGregor said these economic and infrastructure drivers provide a strong platform for long-term value. 

“This is an opportunity to plan a neighbourhood that raises the bar for residential subdivisions in Queenstown. The unique combination of location, zoning and market dynamics makes Spence Park an unparalleled development proposition.”