QLDC settles Lakeview deal for initial $8 million - after costs of up to $100 million

The following statment has just been issued by QLDC at 5.00 pm on December 23. It's not clear at this stage how or why the settlement has been achieved in the absence of any construction work at the site. If, as QLDC says, the deal is now confirmed, it could be bad news for ratepayers as the agreement includes giving the Australian developers up to 20 years to buy the land at a 2017 valuation of $42 million - even though the council has spent up to $100 million on site preparation, including the removal of asbestos. Under a 2017 agreement outgoing QLDC CEO Mike Theelen has sole delegated authority over all aspects of the Lakeview project.

"Queenstown Lakes District Council and Ninety Four Feet have completed settlement on stage 1 of the land to be developed as part of the Lakeview Precinct in Queenstown.

The Development Agreement (DA), which was signed by both parties in October 2019, contractually binds Ninety Four Feet and Council to a range of commercial terms.

Settlement occurred today (23 December 2025) and follows the developer meeting conditions of the DA including design approval, consenting, funding, equity commitment, and contractor engagement.

This is the first lot sold to the Developer under the DA. Land parcels will be sold progressively in seven stages, with each stage to be developed in accordance with a masterplan approved by Council.

Each parcel has a fixed base land payment, with additional profit share payments allowing Council to benefit from value uplift and development success.

Stage 1 has settled for a base amount of $8M which is an initial payment of more than $75M over the course of the development, plus any profit share received.  5% of these proceeds will be gifted to the Queenstown Lakes Community Housing Trust to further support their work to deliver Affordable Housing opportunities in the district.

Mayor John Glover commented, “this marks the end of a very long period over which Council and the Developer have worked to meet their obligations under the agreement for this site. We all look forward to the physical works starting which will bring us a step closer towards achieving our vision for the site.”

Further information about next steps for construction will be provided by the developer in early 2026."

Read the full 10 part Crux investigation into the Lakeview project here.

The latest December 2025 images from the abandoned Lakeview site. Read on Substack