"I'm very excited. I have met and chatted with most of the property owners there. The six site owners have unanimous enthusiasm for the venture, the development to be delivered and the repositioning," he said in an interview.
• Ex-Dunedin man buys development
Receivers PricewaterhouseCoopers said last Friday the development had been sold to an undisclosed buyer for an undisclosed sum.
Mr Jeffery already has a good knowledge of the development, having bought a section there in 2006. He had followed closely the receivership and the unsuccessful purchase attempt by Dunedin businessman Paul Nicholson who had offered $12 million for the development.
Mr Jeffery told the Otago Daily Times he had been in negotiation with the receivers for about four weeks and was excited he could go public with the purchase.
Senior and mezzanine finance had been obtained through the Bank of New Zealand and equity was provided by Mr Jeffery, who was the sole shareholder and director of Mount Farm Ventures, the company which has bought the property.
"I believe the original design essence of Bendemeer is still very sound - a high quality gated community located on sunny dress circle land in the heart of the Wakatipu Basin, sold to local and international buyers."
The land had been carefully preserved through zoning and the resource consents already obtained had created a structured environment, he said.
Mount Farm had bought 23 lots of Bendemeer from Rakaia River Holdings (in receivership) and would start work repositioning the marketing of the site.
Mr Jeffery intended to use his international experience to lift the profile of Queenstown as an international investment destination.
"That's where having an office in Sydney is a benefit."
Mount Farm intended to form a project management team to assist foreign buyers with their design-and-build projects and property management, he said.
The Woolshed was already established and had been refurbished well.
Designs had been consented for a lodge site with slightly higher density. Asked about the financing through BNZ, Mr Jeffery said it was a sign of confidence that a major bank was providing finance.
"Don't underestimate the BNZ being involved. This is a non-income producing finance. Clearly, this is a sign that banks recognise the market is at a level where interesting opportunities open up."
Mr Jeffery said he would not be putting his own capital behind the project if he did not think he would get a return from the project.
One thing he stressed in the interview was that there was no rush to develop Bendemeer. He had a plan to follow for the repositioning of the development, nationally and internationally.
New Zealand, and Queenstown, was a good investment option, given how volatile the world was politically and financially, he said.
New Zealand was seen as politically stable, non-volatile and with an open and transparent regime.
Queenstown had been protected by careful planning and had a strong investment story to tell.
High net worth Australians, particularly those who had made fortunes in the Western Australian mining boom, had already invested in Queenstown, he said.
Wealthy Asian families were also investing in the region.
Mount Farm would channel as much of the resourcing and supply business as possible through the local market.
A Queenstown law firm and accountants had already been appointed, Mr Jeffrey said.
