The Central Otago District Council (CODC) has chosen the same business partner for an Alexandra joint venture subdivision as the one it is already working with on a Cromwell subdivision.
AC/JV Holdings Ltd was announced at a Vincent Community Board (VCB) meeting last week as the developer for the Alexandra project, on a 6.5ha block of land north of Alexandra’s Molyneux netball courts.
AC/JV Holdings Ltd, owned by Queenstown men Alistair Hey and Clark Proctor, is also the council’s partner in a 78-lot joint venture residential subdivision development in Gair Ave, in Cromwell.
Under the venture, the council would be paid for the land and receive 50% of the profit from the development, CODC property and facilities manager Mike Kerr said earlier this year.
AC/JV is developing the land and selling the sections. There are minimum price levels the developer is required to meet to maximise return. The value of the investment and profit made will not be made public until all the sections have been sold.
Under the Alexandra joint venture, the VCB has sold the land to AC/JV Holdings Ltd and will receive 50% of the net profit of the subdivision.
The Alexandra development was expected to generate a minimum total return to the council of $2.8 million, a council report earlier this year said.
Mr Kerr said this week work clearing the Alexandra land should start either late this year or early next year, and titles should be available at the beginning of the following year.
