New Five Mile owner playing cards close

Last updated 05:00 21/11/2009

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The new owner of the Five Mile development at Queenstown is considering several options for the site.

Queenstown Gateway Ltd yesterday confirmed it has acquired the 7.7ha stage one parcel of land.

It is part of a larger 31ha development site that was put up for international tender in February after Five Mile Holdings Ltd, owned by property developer Dave Henderson, was placed in receivership and acquired by Hanover Finance.

Queenstown Gateway Ltd, owned by Aucklander Tony Gapes, said it would not discuss the timing or detail of any development.

It has also declined to reveal the price paid for the land, of which approximately 4.5ha may be developed. The remainder of the land is set aside as road reserve and a sports field.

The Queenstown Lakes District Council has lifted a caveat on the sale of the land on the basis that agreements have been reached for the council to ultimately own the sports field.

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- © Fairfax NZ News

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