Free to read. Did too much hype kill Lakeview?

Analysis.

This investigation, funded by Crux paid subscribers, examines how a $2 billion Australian luxury property development in the centre of Queenstown started life as a “risk free investment” by the Queenstown Lakes District Council. In ten parts we will tell the story of how a large piece of ratepayer owned prime real estate, valued at $42 million in 2017, was turned into a black hole that so far has cost ratepayers over $100 million, increased rates and may not get built. Crux also acknowledges the role of Google’s Pinpoint investigative journalism tools and will publish, in the public interest, each part without a paywall three days after paid subscribers receive this content.

It’s fair to say that the real estate market has been a safe haven for hype and “special” market-speak for decades. Most of it we just filter out and adjust for the real world.

But in a global competition for excess in real estate marketing, Queenstown’s Lakeview would be in the running for a Gold Medal.

Could this have been a key part of the project’s $2 billion downfall? Of course we don’t know yet if the project is officially dead but it certainly is not showing any signs of life.

We are doing our best to get as much factual information as possible from the Queenstown Lakes District Council so this week we sent these questions to the QLDC’s Lakeview manager Paul Speedy - with the subject line “Urgent response needed.”