Possible sale for prime Queenstown site after convention centre failed

Wednesday, 16 August 2017

An artist's impression of the proposed Queenstown convention centre, on the Lakeview site. Lack of financial support for the centre has seen the idea dropped and new options considered for the site.

A chunk of prime Queenstown real estate owned by the Queenstown Lakes District Council could be sold to a developer for accommodation and retail use.

A report by council strategic projects manager Paul Speedy and corporate services general manager Meaghan Miller said the Lakeview site's potential had to be unlocked in a 'timely and efficient manner'.

The Queenstown Lakes District Council did not receive enough funding for a $60 million convention centre and is considering selling the Lakeview site.

The council had proposed building a $60 million convention centre on the site but it was put on hold due to a $27m funding shortfall.

The new report recommends the council consider selling or entering into a long term lease on the 4.4-hectare commercial land included in the 10.4ha site.

It would also undertake a public consultation process on the nature of tenure for the land, the report said.

The balance of the land would be retained 'under council ownership and/or administration for recreation purposes and strategic infrastructure corridors'.

It was suggested the site could provide a variety of houses, retail and possible visitor accommodation or facilities.

'Current market conditions combined with recently rezoning the site, means that now is considered an optimal time to take the commercial land to market and achieve best value for ratepayers,' the report said.

'It is clear that the commercial land at Lakeview is underperforming and attractive to interested investment partners.'

Selling development rights or selling the land was a 'significant opportunity' for the council to meet the needs of the community through provision of efficient, effective and appropriate infrastructure and services, the report said.

While the report did not preclude a sale it was suggested 'the development transaction would be a lease of some form with associated development aspects, and the council would continue to hold an underlying and possibly controlling interest in the development'.

The proposal will be discussed at a council meeting on Thursday.