Infinity Investment Group Holdings announced yesterday it had sold its 44-apartment Marina Terrace development - proposed for land in Lakeside Rd, opposite the Wanaka marina - to Multiplied Investment Partners.
The man heading the group of new investors is former Aucklander Matt Tuck. He told the Otago Daily Times yesterday a group had been working towards purchasing the Marina project since the beginning of May. He said he would be sticking to the concept plans devised by Infinity founder the late Bob Robertson, and signed off by the Queenstown Lakes District Council in February.
He had not met Mr Robertson but considered his concept a good one.
''So it's really important to us to continue his vision and Infinity's vision and deliver the same development.
''That's what it has got its resource consent for - those 44 apartments, with a restaurant and a private pool and a gym. So we will deliver it exactly as it was originally designed.''
Multiplied Investment Partners includes a Wanaka ''cornerstone'' investor, who declined to be named yesterday.
Mr Tuck said he was very fortunate to have a local businessman come in as the main equity investor. Other investors would secure ownership of apartments at the end of the process.
Some of the proposed apartments have unconditional contracts over them.
''So we are well on the way to 50% pre-sold. We will be there within a few weeks.''
Mr Tuck said an executive board had been formed and a project manager would start in August.
''So we are very well resourced to kick it off straight away, and we want to be breaking ground within 12 months.''
Infinity's plans for the site stretch back 10 years, and include an initial proposal for a $100 million, 180-room hotel. The site, which includes a steep hillside and underground springs, has been tested.
''We are very comfortable that we know exactly what's going on under there, all the way down for about 25 metres ... '' Mr Tuck said.
''We will be turning them into features and will have little brooks running down in between the buildings.
''We're really looking forward to getting on with it.''
Infinity managing director Paul Croft said he was pleased the development had been purchased by Wanaka locals.
''We have every confidence the new owners will make a superb job of Infinity group's vision for the apartments.''
Infinity would continue to concentrate on small and mid-size residential property developments in the Wanaka area, he said.
Matt Tuck is the managing partner of Multiplied Investment Partners. The company's website says he spent 20 years working in or running primary sector companies exporting to China and Southeast Asia.
More recently, he worked on Auckland apartment and terraced housing developments in the $20 million to $140 million range.
Who is Matt Tuck?
Mr Tuck told the Otago Daily Times his part in those projects was raising capital from ''high worth individuals - guys I know who are still single and trading oil in London or whatever they are doing.
''So that's how it all started for me, and I managed to raise quite a few million dollars for several developments in Auckland, and then the opportunity to step into the Marina Terrace came along.''
In 2007, Mr Tuck and his wife Tania ran the first Challenge Wanaka multisport event.
''We brought the event here, back in the day, and it's great to see it's continued.''
The couple moved south in 2008.
Despite what some young overseas fans suggest in emails, Matt Tuck, of Wanaka, says he is not the Matt Tuck who is guitarist and vocalist for heavy metal British band ''Bullet for my Valentine''.
The company's two consultants are property developer Pete Bullen and senior project manager Karsten Pedersen.
