UK fund earmarks $300 million for Queenstown development
July 26, 2007 The National Business Review By Tamsyn Parker
A UK investment fund is set to plough more than $300 million into Melview Developmentıs $1 billion Queenstown resort development Kawarau Falls Station.
BlueSky Capital has bought four of the 13 buildings which make up the development to place in its start-up Global Destinations Fund I.
The investment includes the 221-room Intercontinental Hotel, a 197 room serviced apartment hotel, boutique luxury lodge and luxury apartment building.
Melview managing director Nigel McKenna said the investment showed the growing significance of New Zealand on the international investment radar.
Construction has already started on the project which is expected to take four years with up to 800 people working on it to complete.
Bayleys Real Estate executive chairman John Bayley, whose company negotiated the deal, said it was a huge vote of confidence in the future of Queenstown and the New Zealand tourism industry.