Augusta Capital Ltd & its Australian partner in the QT Lakeview Partnership, Ninety Four Feet Pty Ltd, have obtained the required Overseas Investment Office approvals to make the Queenstown project unconditional.
Melbourne-based Ninety Four Feet holds a 75% partnership interest and is managing the initial phases of the development, and an Augusta subsidiary holds 25%. They’ve signed the development agreement with Queenstown Lakes District Council for the 3ha Lakeview site, the former campground on Man St.
Lakeview is the largest remaining development site in central Queenstown. A large portion will remain public land through parks, reserves & roads.
Augusta managing director Mark Francis said yesterday the company expects to incur $2-3 million of development expenditure on the project over the 2021 & 2022 financial years.
Under the partnership agreement, Augusta has the first option to acquire parts of the development which it intends to use to provide product to its proposed tourism fund, as well as an option over the co-living residential product.
17 February 2020: Augusta defers tourism fund, expects earnings cut
11 October 2019: Augusta, partners & council hit go button for Queenstown Lakeview
8 April 2019: Augusta & Britomart join 94 Feet in Queenstown development bid success
Attribution: Augusta release.