The Queenstown Lakes District Council said in a statement yesterday that it and company Ninety Four Feet have completed settlement on the first stage of the land to be developed as part of the Lakeview Precinct in Queenstown.
The development agreement, signed by both parties in October 2019, contractually binds Ninety Four Feet and council to a range of commercial terms.
Settlement occurred yesterday and followed the developer meeting conditions of the agreement including design approval, consenting, funding, equity commitment, and contractor engagement.
The Lakeview Precinct is said by the council to be a vibrant and complementary extension of the existing town centre. The site would offer residential buildings, hotels, co-working and co-living spaces, hospitality and retail and a hot pools attraction. It was estimated to take more than 10 years to complete.
This was the first lot sold to the developer under the agreement. Land parcels would be sold progressively in seven stages, with each stage to be developed in accordance with a master plan approved by council.
Each parcel has a fixed base land payment, with additional profit share payments allowing council to benefit from value uplift and development success.
The first stage had settled for a base amount of $8 million which is an initial payment of more than $75m over the course of the development, plus any profit share received.
The statement said 5% of proceeds would be given to the Queenstown Lakes Community Housing Trust to support their work to deliver affordable housing opportunities in the district.
Queenstown Lakes District Mayor John Glover said the agreement marked the end of a very long period over which council and the developer have worked to meet their obligations under the agreement.
"We all look forward to the physical works starting, which will bring us a step closer towards achieving our vision."
Further information about next steps for construction would be provided by the developer in early 2026.
