Major new subdivision planned near Jack's Point
Hanley's Farm developer RCL has splashed $70 million on a huge block of farmland and plans a massive new subdivision.
The Melbourne-based company has bought 163.4640 hectares of land at Homestead Bay, State Highway 6, Queenstown, neighbouring Jack's Point.
It will develop between 1,700 and 2,300 residential sections over the next decade, to be on-sold to families, builders and property investors, for the construction of residential dwellings.
That will be music to the ears of Queenstowners looking to build their way on to the property ladder, as so many others have done in subdivisions such as Hanley's Farm and Shotover Country in recent years.
The land, formerly part of Remarkables Station, is currently being stock grazed for weed control and also used by NZONE skydiving for its airstrip and drop zone.
Originally farmed in the 1860s by Queenstown founder William Gilbert Rees, it is classed as sensitive land and the deal therefore needed Government approval, with RCL making an application to the Overseas Investment Office detailing the benefits.
"The main benefits to New Zealand are likely to include – capital investment of $223.5 million and the creation of approximately 252 jobs," the OIO decision reads.
"The jobs are both ongoing and temporary roles for the development and the operation of the civic assets that result from the development (retail, schools etc).
"The investment will also contribute to advancing government policies relating to urban development and increased housing."
Last year, Remarkables Station owners Dick and Jillian Jardine gifted 900ha of the station, mainly on the other side of SH6, to the Queen Elizabeth II National Trust (QEII).
RCL Henley Downs Limited builds residential subdivisions in New Zealand and Australia, and is a subsidiary of RCL Real Estate Pty Limited, which is ultimately owned by the Pyne Gould Corporation Limited.
Lakes Weekly Bulletin has approached RCL for comment.
The freehold property was marketed by Bayleys Real Estate, along with a separate 27-hectare freehold site close to the water at Maori Jack Road.
"As far as undeveloped land around Queenstown goes, this is the jewel in the crown – potentially the best and last remaining large piece of development land in the entire Wakatipu Basin," sole agent Chris Campbell of Bayleys Real Estate.
"In terms of scale, location and development potential, this is arguably the most significant opportunity brought to the market in the last 15 to 20 years.
"Once developed, Homestead Bay will complement the ongoing developments within Jack's Point, building critical mass as a centre of activity on Queenstown’s southern corridor."
