Resort investor adds $300m to development
July 27, 2007 - Otago Daily Times
A British investment company is pouring more than $300 million into the $1 billion Kawarau Falls Station Resort, in what the developer is describing as one of the largest property transactions negotiated in New Zealand.
Melview Developments is constructing a 13-building, 1100-unit resort on a 6.4ha site on the shores of Lake Wakatipu, beside the Kawarau Falls Bridge entrance to Frankton. The land used to house the Kawarau Falls Lakeside Holiday Park.
BlueSky Capital has been granted Overseas Investment Office approval to back the 221-room Intercontinental Queenstown Resort, a 197-suite serviced apartment hotel, an exclusive boutique lodge and a luxury apartment building.
A Melview spokesman said details of the latter developments had yet to be confirmed. No building in the resort can be taller than 10m.
Details of the $120 million Intercontinental hotel were released this month and include a business centre with two levels of conference facilities, a club lounge, restaurant, café and bar, spa, gym and a swimming pool.
The development will have four hotels, with excavations for a five-star, 177-room Westin Hotel already under way.
It will include landscaped parks and squares and is expected to be completed in 2010, employing up to 800 workers during the peak construction phase.
The transaction was facilitated by Bayleys Real Estate. Executive chairman John Bayley said it was a huge vote of confidence in New Zealand and its tourism industry.
BlueSky managing partner Stephen Bellotti said his company believed New Zealand would become known throughout the world as a luxury destination for wealthy travellers.
Kawarau Falls Station will occupy Queenstown's last north-facing high-density residential site. It is the largest non-notified resource consent granted in the Queenstown Lakes District.
The land was originally owned by the founder of Queenstown, William Rees, who constructed the first buildings on the site in 1864 and was based there for many years.
The remaining historical features will form part of the new Kawarau Falls Station Resort.
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$300m in Kawarau Falls – July 27 2007, The National Business Review
McKenna sells third of a billion dollar Queenstown development - July 27 2007, Globalkiwis.com
Approval for big resort investment - 27 July 2007, The Press by David Williams
$300m resort sale - July 27 2007, The New Zealand Herald
UK fund earmarks $300 million for Queenstown development - July 26 2007, The National Business Review By Tamsyn Parker
BlueSky Capital to Buy Four Hotels in Queenstown, New Zealand - July 25 2007, Bloomberg By Tracy Withers
McKenna sells third of a billion dollar Queenstown Development - July 25 2007, TMC Net
Youngsters put nature project in picture - July 25 2007, Northern Echo
Approval for big resort investment - July 7 2007, The Press
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