Queenstown Ltd Acquires Developement Site
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