An Auckland-based property investment company has taken a 25 percent stake in a billion-dollar project to develop a commercial, residential and hotel development in central Queenstown.
The Lakeview development will be built on the former Queenstown campground site, the largest remaining area available for development in the centre of the town.
Augusta Capital’s partner in the project is Melbourne company Nintey Four Feet, which will hold a 75 percent stake.
The project is likely to be built over a 10-year period.
Augusta managing director Mark Francis said the project would include high-end hotels and residential but it would also have entry-level as well.
“Trying to cater for first-home buyers in Queenstown, worker accommodation so it will be a real variety across three hectares of developable land and what we are acquiring, there is certainly room to do plenty on there.”