Five Mile able to be sold now caveat lifted

Has Five Mile been sold?

The Queenstown Lakes District Council confirmed yesterday it had lifted a caveat on part of the Frankton land, worth about $37.4 million, which will now enable it to be sold.

Hanover Finance put the 31ha site on the market in February after acquiring it through the receivership of Dave Henderson's company Five Mile Holdings.

Council chief executive Duncan Field said part of the sale had been blocked by council legal action but this had now been resolved.

The council lodged a caveat against the land title in February because it believed it had legal right to the cricket pitch adjacent to "Hendo's hole" – the area of earthworks next to State Highway 6.

The caveat stopped anyone from buying the 7.8ha Stage One parcel – which included the cricket pitch – until they had negotiated ownership claims with council.

Mr Field said the council had been in discussions with a party last week, which resulted in the caveat being lifted.

He would not name the party but confirmed it was not Hanover Finance.

"We have a new alternative agreement which protects the sports field. We haven't secured the title, in part because there is no separate title yet ... but it will eventually end up in council ownership."

- © Fairfax NZ News

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