Ray White Queenstown auctioneer Alan Lethbridge conducts
the mortgagee auction of Kawarau River Station at its
office yesterday. Photo by Guy Williams.
Kawarau River Station has been bought by the developers
of Frankton's Remarkables Park for $8.05 million.
The property, which lies on the northern face of the
Remarkables mountain range and is only 15 minutes' drive from
Frankton, was bought by a Porter Group company at a mortgagee
auction in Queenstown yesterday.
Remarkables Park Ltd co-director Alastair Porter said the
second stage of the Remarkables Park Town Centre, a new high
school and other projects were ''taking up our farmland'',
and the group planned to move livestock to the station from
its own stud farm deer operation.
There were no plans to subdivide the property, Mr Porter
''Subdivision is not something we are currently
comtemplating. I haven't given it any consideration.''
The Porter Group had been interested in the property for a
long time, and the sale was a ''fair result for both
Owned by businessman Steve Laing since 1995, the 1825ha
property has been on the market since last November.
In 1999, after a tenure review process, Mr Laing surrendered
1262ha of high country to the Crown - including parts of the
Remarkables ski area and Doolans Basin - and freeholded the
rest. Mr Laing has other business interests in Frankton and
Although the property has been valued at $12.5 million, Ray
White Queenstown auctioneer Alan Lethbridge told the Otago
Daily Times he was pleased with the outcome.
''We knew we had interest, but it's a lot of money.
''I'm happy with the result, but they have got a great buy.''
There were ''half a dozen'' parties interested in the
property, of which three were ''very serious'', he said.
Earlier in the week, Fish and Game Otago chief executive
Niall Watson disputed a statement in national advertising for
the property that stated public access was not permitted
across the farm or the 14km stretch of the Kawarau River that
comprised its northern boundary.
Mr Watson said he would seek discussions with any new owner
about improving public access without encroaching on their
When asked about Fish and Game Otago's concerns, Mr Porter
said the Porter Group was ''a big supporter of the trails in
Queenstown'', and was prepared to discuss any concerns about