QLDC signs Lakeview development agreement
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 yesterday.
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 Council’s 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 Ngāi 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 land’s 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.