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Progress on Lakeview Taumata | Otago Daily Times News Online

A fast-track consent application was filed yesterday for the $1 billion Lakeview Taumata development in Queenstown, which is expected to take up to 15 years.

During an update in Queenstown last night, Ninety Four Feet NZ chief executive Paul Burnaby said subject to consent construction of the first of six stages would likely start next year.

This would include the first 224 of 500 residential units, including mini-apartments spread across five buildings, and a terrace with retail outlets, co-working space, gymnasium and spa complex.

In future stages, three hotels were planned, along with more commercial and retail space and the remaining residential units.

Queenstown Chamber of Commerce chief executive Ruth Stokes, who moderated last night’s panel, said the development ‘really represents a coming of age and a step change for Queenstown’.

“For me, it’s an exciting thing to see come to life…and with the incredible investment that’s being made…it’s a huge boost for our local economy.”

Centuria NZ (formerly Augusta Capital) chief executive Mark Francis said that while the project team, which also included Britomart Hospitality Group, wanted a bottom line, “beyond that, we really want to create a inherited asset…”.

Augusta merged with Centuria in 2020.

Queenstown Lakes District Council’s strategic projects manager Paul Speedy said the council had three objectives for Lakeview Taumata, being developed on around 15ha at the foot of Ben Lomond – a design outcome, a schedule and a return financial.

Last year Queenstown Lakes Mayor Jim Boult said that under the development deal the council would get 50% of the profits.

Mr Speedy said there were “pretty exceptional statistics”.

“The current one for me is $100 million…just from the operation once it’s completed.”

“It’s pretty good in terms of economic development.”

New Zealand Sotheby’s International Realty founder and managing director Mark Harris said he could not yet reveal prices for residential units, ranging from mini and studios to three bedrooms.

Sales would begin once consent was granted and Mr Harris expected the first residents to live there in 2025.

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