20 November 2009

Queenstown Gateway Ltd has acquired Stage One of the Five Mile development site in Queenstown.

Acquisition of the 7.7ha of land on the outskirts of the resort town was finalised today (Friday 20 November).

The Stage One parcel of land is part of a larger 31ha development site that was put up for international tender in February this year after Five Mile Holdings Ltd, owned by property developer Dave Henderson, was placed in receivership and acquired by Hanover Finance.

The land now owned by Queenstown Gateway Ltd is home to what is colloquially referred to as ‘Hendo’s Hole’ – a large area of earthworks next to State Highway 6 that was dug out for underground car parking.

The company is looking at several options for development of the land. It is not prepared to discuss the timing or detail of any development.

Queenstown Gateway Ltd has declined to reveal the price paid for the land, of which approximately 4.5ha may be developed.

The remainder of the land is set aside as road reserve and a sports field. The Queenstown Lakes District Council has lifted a caveat on the sale of the land on the basis that agreements have been reached for the council to ultimately own the sports field.

ENDS