An aerial photograph showing Lake's Edge, an undeveloped
4ha site on the shore of Lake Wakatipu and beside Kawarau
Village, comprising the Hilton Queenstown and the Kawarau
Hotel at Kelvin Heights. Photo by Mike Langford.
One of Queenstown's biggest stalled projects at arguably
the area's best spot is rumbling back into life.
Investor Michaela Meehan's Winton Partners NZ Ltd recently
snapped up prime waterfront development land beside the
Hilton Hotel complex at Kelvin Heights for an undisclosed sum
after the receivers put it up for sale.
Winton is now selling some of the site's lakefront sections -
for up to $1 million-plus in some cases - as part of an
exclusive 33-lot residential subdivision called Lake's Edge.
The subdivision was released to the market at the weekend by
Ray White Queenstown.
The sites range in size from 515sq m to 1047sq m, priced from
$500,000, with titles expected to be issued next year.
Mrs Meehan, who recently shifted her family from Sydney to
Queenstown, says: ''Our view is it's the best piece of land
Earlier ambitious plans for the 4ha site were shelved when
Auckland developer Nigel McKenna's $300 million Kawarau Falls
Station project fell over in 2009.
Financier Bank of Scotland International poured in millions
to complete the Hilton complex, which was stage one of the
development, but the McKenna company behind stages two and
three of the project was placed in liquidation and
Plans for stages two and three included three consented,
upmarket hotels, including an InterContinental with a
1000-capacity conference centre.
Receivers instructed an Auckland real estate agency to place
the $15 million stage two and three site on the market a year
Mrs Meehan, a former Danish Olympic sailor, and also behind
the proposed Northlake subdivision in Wanaka, has not ruled
out building some visitor accommodation in the future.
''We think the current highest and best use is to develop a
prestige residential enclave.
''The market feedback's been good. We're sure there'll be
strong interest and we'll price it sensibly to sell it off
Ray White Queenstown salesman Cameron Reed said opportunities
to own and build on sections like Lake's Edge ''simply don't
''It's an incredible piece of land.''
- Philip Chandler