Lakeview thanks QLDC for "remarkable dedication" to 10 year, "multi-billion" luxury project

A detailed report in the Australian Urban Developer magazine has confirmed that the Queenstown Lakeview apartments are a "multi-billion dollar" project designed to be at the centre of a new, seperate luxury community that will take ten years to finish.

The details are quite different to the QLDC claims that the project is about affordable living and a financial return on ratepayer funds.

Previous cost estimates for Lakeview have hovered around the $1 billion to $2 billion mark, with the "multi-billion" detail now taking those estimates higher. In spite of this huge Australian spend, Queenstown ratepayers are currently on the wrong end of a $100 million council investment with zero cash so far from the developers.

Ninety Four Feet development manager Charmaine Balchin told Urban Developer magazine the project would launch early this year when New Zealand Sotheby’s International Realty would invite high-net-worth clients from its database to register interest. Crux has revealed that this work actually took place some months ago with two bedroom apartments being sold at $2.5 million.

“Despite global challenges, the Queenstown Lakes District Council has shown remarkable dedication to bringing this ambitious project to fruition,” Balchin said.

The Urban Developer article also fails to mention any affordable housing aspect to the project (just "co-living" and "co-working" in the future) raising the risk that the QLDC could not only lose money on the project but fail to deliver any relief to the district's affordable housing crisis.

The new details also reinforce the idea that Lakeview is designed to compete with the current Queenstown CBD, in spite of the QLDC funding the majority share (over $50 million) of a new arterial road that appears to primarily provide access Lakeview and the controversial new $50 million (plus) council offices and library in Stanley Street.

QLDC is operating under the sole delegated authority of council CEO Mike Theelen who decided not to sell the Lakeview land outright for $42 million, instead giving the Australians 20 years to pay for the land under a secret deal that depends on "super profits" in order for Queenstown Lakes ratepayers to see any return at all.

Theelen also agreed that QLDC would take on the full cost and risk of developing the site for Lakeview, estimated initially at around $19 million but currently sitting at close to $100 million.

Mr Theelen argued that the staged "super profit" deal would give the council control over the project but so far there's been little to no evidence of council control over the design, marketing, cost or intended use of Lakeview. 

Here's the Urban Developer article in full. 

"A Melbourne-based developer says its luxury plans for one of New Zealand’s most popular destinations will take a decade to realise.

Ninety Four Feet said its Lakeview Te Taumata, a 10ha lakeside suburb, would “redefine luxury living in the heart of Queenstown”.

Situated near the ski town’s Skyline Gondola, the collaboration with ASX-listed Centuria Capital Group and the “visionary pioneers” of the Britomart precinct in Auckland plans to transform a former campground on Lake Wakatipu into a vibrant, world-class community over the next decade.

Queenstown, in New Zealand’s South Island on the shore of Lake Wakatipu, the third largest lake in the country, is a skiing and adventure sport hotspot with notable mountains nearby, including The Remarkables, Cecil Peak and Walter Peak.

“The multibillion-dollar precinct will encompass diverse offerings, including residential apartments, a co-living building, three hotels, a co-working centre, health and wellness facilities, curated retail spaces, an art gallery and a significant food and beverage offering,” the developer said.

“The proposed addition of thermal pools, pending approval, will add an exciting dimension to the project.”

Architectural renders show stone-wrapped shops and restaurants at ground level, and a co-living building and four residential tower blocks up to 12 storeys.

The residential component would include one, two and three-bedroom residences and penthouse suites.

More than half of the precinct will be open public spaces and walkways, “fostering a sense of community”.

Ninety Four Feet development manager Charmaine Balchin said the project would launch early this year when New Zealand Sotheby’s International Realty would invite high-net-worth clients from its database to register interest.

The consortium secured the project in a competitive global bid with the Queenstown Lakes District Council in 2019. Subdivision and civil works began in 2020, with the handover expected in March, 2024.

“Despite global challenges, the Queenstown Lakes District Council has shown remarkable dedication to bringing this ambitious project to fruition,” Balchin said.

“We anticipate starting construction of the first stage beginning in the winter of 2024.”

Ninety Four Feet said it was emphasising “a cohesive design philosophy centred on sustainability, neighbourly intent and experiential placemaking”.

“Lakeview Te Taumata aims to be a net-positive project for energy, water and waste.

“Collaborating with Maori designers, artists, placemakers and renowned architects Monk Mackenzie and Architectus, the project respects the natural environment and the cultural heritage of the region.”

Lakeview Te Taumata follows Ninety Four Feet’s other NZ projects—the $250-million Hotel Indigo Auckland and 51 Albert residential tower project, also in Auckland.