November, 2019Queenstown Lakes District Council (QLDC) has finalised an agreement
with the preferred bidder for the development of the Lakeview Precinct
A partnership between Melbourne-based developer Ninety Four Feet and
Auckland-based investment company Augusta Capital signed a legally-
binding development agreement with QLDC this month.
QLDC Strategic Projects Manager Paul Speedy said after a robust
procurement process, the signing closed-out negotiations with the
Ninety Four Feet and Augusta consortium and followed on from the
Councils previous decision to enter into agreements with the private
sector for development of the Lakeview Precinct.
The partnership proposes to develop a range of residential buildings,
hotels, co-working and co-living spaces, hospitality and retail options on
a staged basis, with construction estimated to take more than ten years
and phased over seven stages.
Other elements of the Lakeview Precinct will be delivered through other
QLDC development partnerships. These include a hot pools attraction
delivered by Ngi Tahu Tourism and a new hotel developed by Well
Smart Limited. A final area of Lakeview land will be retained in the
short-to-medium term as tenant accommodation.
The procurement process has been about balancing the wider outcomes
Council is seeking with the need to attract private sector expertise and
capital. This agreement will realise the lands value in both a non-
financial and financial sense, and present an opportunity to invest in
other priority activities identified in the Ten Year Plan, including a
contribution to affordable housing.
More information regarding the vision for the Lakeview Precinct will be
available in the near future.
+64 27 444 1104