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March, 2011 A multimillion-dollar development on the edge of Lake Wakatipu is being sold off as part of a debt recovery campaign.Harcourts Queenstown is selling sites at Bob's Cove, 12km from Queenstown on the Glenorchy Rd. The land was part of the failed residential nature reserve previously run by father-and-son developers Dan and Kelly McEwan. The company was placed into receivership in 2009, owing the main financier Strategic Nominees more than $10 million. Harcourts agent Warwick Osborne said the sites one 41ha site on the Glenorchy Rd side of the reserve with consents for 21 titles, and a 29ha site on the Lake Wakatipu side were being sold on behalf of lender New Zealand Guardian Trust. The trust was owed $5.2m when receivers PKF Corporate Recovery and Insolvency were appointed. Overall, the Bob's Cove development owed about $17m to financiers when it went belly up. Fifteen homes were built on the Glenorchy Rd side of the reserve, which was billed as a high-end development with luxury lodge, exclusive homes, sports facilities and country-club ambience. Mr Osborne confirmed the land was being sold as part of a debt recovery campaign but declined to reveal the price tag. It was a sign of the times when the owners of such developments decided to sell land for "considerably less" than its value a few years ago, he said. "It's trophy land, you don't get too many opportunities to buy something so nice so close to Queenstown," he said. The sale, which runs to April 15, could attract astute investors, property syndicates or land bankers, he said. Source: The Southland Times
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