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QUEENSTOWN COUNCIL SIGNS FOR LAKEVIEW DEVELOPMENT

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November, 2019

Queenstown Lakes District Council (QLDC) has finalised an agreement

with the preferred bidder for the development of the Lakeview Precinct

in Queenstown.

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.

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