What's going on with the controversial Lakeview development?

by Peter Newport - Oct 11, 2019

The QLDC announced this morning that they had finalised an agreement with an Australian developer (Ninety Four Feet) and a NZ investment company (Augusta Capital) for Queenstown's Lakeview project.

The people who live at Lakeview are about to be evicted from their houses and cabins after a long battle to stay.

Lakeview residents were given 90 days notice to leave by QLDC in July.

Ninety Four Feet's General Manager of Sales Lucas Giannotti - told Crux in April that Lakeview was a "done deal."

Crux spoke with Lucas Giannotti, General Manager Sales of Ninety Four Feet in April this year on a flight from Wellington to Queenstown. He was with a senior colleague and a communications person. He said that Lakeview was a "done deal" with shared worker accommodation being a feature, along with luxury shops and hotels.

So what has happened since April? Mayor Jim Boult told Crux in mid-July that an announcement was "imminent."

Here's today's official statement from QLDC that does nothing to add to what we already know. Read and watch our Lakeview coverage below.

"Queenstown Lakes District Council (QLDC) has finalised an agreement with the preferred bidder for the development of the Lakeview Precinct in Queenstown.

A partnership between Melbourne-based developer Ninety Four Feet and Auckland-based investment company Augusta Capital signed a legally-binding development agreement with QLDC yesterday.

QLDC Strategic Projects Manager Paul Speedy said after a robust procurement process, the signing closed-out negotiations with the Ninety Four Feet and Augusta consortium and followed on from the Council’s previous decision to enter into agreements with the private sector for development of the Lakeview Precinct.

The partnership proposes to develop a range of residential buildings, hotels, co-working and co-living spaces, hospitality and retail options on a staged basis, with construction estimated to take more than ten years and phased over seven stages.

Other elements of the Lakeview Precinct will be delivered through other QLDC development partnerships. These include a hot pools attraction delivered by Ngāi Tahu Tourism and a new hotel developed by Well Smart Limited. A final area of Lakeview land will be retained in the short-to-medium term as tenant accommodation.

The procurement process has been about balancing the wider outcomes Council is seeking with the need to attract private sector expertise and capital. This agreement will realise the land’s value in both a non-financial and financial sense, and present an opportunity to invest in other priority activities identified in the Ten Year Plan, including a contribution to affordable housing."

More information regarding the vision for the Lakeview Precinct will be available in the near future."

Read: How Lakeview residents feel deceived and abandoned.

Watch: The Last Affordable Place.


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