Five Mile

Leasing is "going strong" for Queenstown's $125 million Five Mile Retail Centre development while confirmation of the project's resource consent drags on.

Developers behind the $125 million Five Mile shopping and entertainment complex on the Frankton Flats are confident building will start later this year after they were granted master plan resource consent approval.

A proposed $100 million big-box retail development for Queenstown was unveiled yesterday, but developer Alastair Porter said the announcement was not a declaration of war against revamped retail plans for the Five Mile site.

Five Mile developer Tony Gapes said yesterday he was "hopeful" work on the proposed $125 million Frankton Flats shopping and entertainment complex would begin in the New Year.

Queenstown Gateway Ltd's $125 million plan for the former Five Mile site at Frankton will not pose a threat to its neighbouring Remarkables Park complex, according to director Alistair Porter.

A deal to put a sports shelter on the border of Queenstown's failed Five Mile development is not a sweetener to ensure a new $125 million, 38,000sq m retail complex at the Frankton Flats site gets approval, outgoing Queenstown Lakes Mayor Clive Geddes says.

Mystery surrounds the identity of the new owner of the 23.3ha Five Mile property, near Queenstown. Allied Farmers yesterday confirmed the unconditional sale of the land it took over as part of the purchase of Hanover Finance late last year.

Allied Farmers Ltd is selling the second stage of the Five Mile development in Queenstown to an undisclosed buyer at a price higher than the value it has been written down to in the company's half-year accounts.

A large part of the 350,000cu m of earth excavated from the Five Mile "hole in the ground" in Frankton might be replaced, as the new owner is planning a reduced development.

Part of a plan change for Frankton has been withdrawn after the new owner of part of the Five Mile development appealed to the Environment Court.