27 Feb 2019

Queenstown council buys prominent multi-million dollar property

6:57 pm on 27 February 2019

Queenstown Lakes District Council has bought a multi-million dollar property featuring one of the tourist resort's most prominent homes.

Queenstown Lakes District Council has bought 516 Frankton-Ladies Mile Highway, Queenstown.

Queenstown Lakes District Council described the purchase as a rare opportunity. Photo: New Zealand Sotheby’s International Realty

The 14.6-hectare lifestyle property at 516 Frankton-Ladies Mile Highway is under conditional contract after the Walker family put it on the market earlier this year.

The council said the key property would provide a variety of facilities for Lake Hayes and Shotover Country residents.

It boasts a rating valuation of $6.41 million and has a five bedroom 440 sq/m home, a swimming pool and more than 400 mature sweet chestnut trees.

The council, in a statement this morning, described the purchase as a rare opportunity.

"QLDC has recently entered into a conditional contract to purchase the property at 516 Frankton-Ladies Mile highway. This site has both strategic and tactical value with an array of uses from recreation and community facilities, to education and transport in an area of significant community growth.

"QLDC has been regularly exploring land and asset acquisition opportunities that will benefit and respond to existing and future community needs. The Ladies Mile property provides a rare opportunity to protect open spaces in the area whilst offering a location for community facilities."

Due diligence was underway and the purchase would be considered by full council at an upcoming meeting.

Queenstown Lakes Mayor Jim Boult said council officers consulted with councillors about the proposed purchase and it was well supported.

"The location provides us with the opportunity to develop much-needed facilities for rapidly growing communities along Ladies Mile, and sites like this do not come up very often," he said.

"Therefore I feel it is a prudent move to make this investment now to enable us to provide for the community in the future.

"The benefits this purchase can bring to the community are quite compelling and the final funding will be determined once we have confirmed exactly how the site will be used.

"We're in the final stages of due diligence and whilst I can't predict the outcome of my fellow elected members' decision making, I am confident that they will be equally as supportive as I am and will endorse this community-minded purchase."

The sale marks the first time the property was offered to the market for 30 years and it was offered by international deadline private treaty.