PHOTO:SUPPLIED An early concept for the Lakeview Precinct.
The contentious billion-dollar, 10-year office, retail, hotel and residential development on Queenstown’s lake shores- Lakeview – has jumped another hurdle, being granted approval from the Overseas Investment Office.
Property management company, Augusta Capital, a 25 per cent partner in the development through a subsidiary, announced that the partners in the QT Lakeview Partnership had obtained OIO approval for the development agreement with the Queenstown Lakes District Council. That makes the development agreement unconditional.
Alluding to the damage wrought by Covid-19 on Queenstown’s tourism industry, Augusta said, “All expenditure is being closely monitored by the partnership given the current position of the Queenstown market and economy. “
The 10-hectare development site includes the resort town’s popular camping ground and cabins. The latter was home to many migrant workers until they were evicted late last year to make way for the development.
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