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PRIME QUEENSTOWN DEVELOPMENT SITE UP FOR GRABS

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March, 2019

Queenstowns councils about to name a preferred development partner
for a massive housing/commercial precinct on the resorts Lakeview
site.
Its a two-horse race between Melbourne-based Ninety Four Feet, with a
quarter share held by New Zealand property fund manager Augusta
Capital, and Malaysian-based MRCB, supported by a Christchurch project
management consultancy.
The preferred bidder will probably be announced within the next week
or two.
The prize is the right to develop about three-and-a-half hectares of
prime council land at the top of Man Street  formerly the Queenstown
Motor Park, its now occupied by cabins rented mainly to local workers.
Under the previous council it was controversially touted as a location
for a convention centre.
Council strategic projects manager Paul Speedy says the developments
main focus is residential, with housing, including worker
accommodation, for about 1500 people.
The more people we can have living in close proximity to the town
centre, the better.
However theres also scope for visitor accommodation.
Buildings up against the hill can go as high as 26 metres, in places.
He notes the development will be broken into about nine lots.
When [the chosen development partner] has delivered what they said
they would, and then they give us the money for the land, then we give
them a title  so they cant land bank.

Source: Otago Daily Times

 

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