Outlet Podcast: Looking forward on Lakeview
Queenstown's mayor Glyn Lewers says his focus is to help make the Lakeview Te Taumata development as successful as possible to benefit local ratepayers.
The controversial deal for 10-hectare development, on former campground land off Man Street, has seen Queenstown Lakes District Council bear the spiralling costs for demolition and infrastructure work, preparing the site for trans-Tasman consortium of Ninety-Four Feet, Centuria Capital and Britomart Hospitality Group. QLDC will get an undisclosed share of the eventual profits.
The consortium has begun selling the first stage of its now-$2 billion dollar development, which will see around 500 apartments, three hotels, along with shops, restaurants and wellness facilities built over the next 10-15 years.
Australian property journalist Stephen Nicholls revealed last week, on realestate.com.au, that Aussies make up 70% of the $100 million in sales so far. The penthouse sales of the first buildings, the Roto Collection, smashed local records, selling for more than $33m.
While many wanted the land to be used for affordable housing, Lewers tells The Outlet Queenstown Podcast he's looking forward.
"I want it to be as successful as it can be, because the more success it gets, the better return the ratepayers get. I'm confident that we will get a return," he says.
"My focus for Lakeview at the moment is to get it open, especially Thompson Street up the top there, and actually start handing over some land to the vertical developer, so we can actually start seeing some action above the ground, because all the risk for the vertical is placed on the developer."
Lewers says the work done on Thompson St will improve wastewater system resilience and the roading network, especially if stage three of the downtown bypass eventuates. The development itself will also open the CBD up for more business, creating economic activity, he adds.
While the deal was controversial, not least because it was negotiated by council chief executive Mike Theelen using delegated powers rather than approved through elected councillors, Lewers says the land-transference style of the agreement is now favoured by Central Government.
"So there are some very innovative and very good things about Lakeview [but] I can understand the angst against it because obviously the whole premise of it might not agree with people."
Construction of the first three buildings is expected to being later this year. Prices range from $750k for studio apartments, to $1.4m for one-bed, $2.3m for two-bed, $4.65m for three-bed, half-floors for $7.7m, and $22m+ for penthouses.
