Augusta Capital buys land and plans for 5-star hotel in Queenstown for a new Tourism Fund
/ Augusta News
MARTA STEEMAN | STUFF
Commercial property investor and manager Augusta Capital has bought a central Queenstown site with plans for a five-star hotel development for $13.95 million.
The price included the land as well as the designs, intellectual property and site works undertaken to date, Augusta Capital said.
Settlement of the transaction was expected before November 30.
The property is intended to be placed in a proposed Tourism Fund Augusta Capital has signalled it plans to set up.
Augusta said it might progress the hotel development before establishing the Tourism Fund.
The site is located at 17-19 Man Street on route to the Queenstown gondola and provides outstanding views out to the Remarkables, the company said.
Mark Francis, managing director of Augusta Capital, said: "Locations for a hotel development in Queenstown do not come much better than this site.
"The location is central Queenstown within walking distance of all the key sights and activities in the Queenstown CBD while sitting in an elevated position which provides premium, uninterrupted views out to the Remarkables."
Resource consent had been obtained by the vendor to undertake the proposed hotel development which had been developed to a level of detailed design.
Augusta was in discussions with potential hotel operators with a number expressing interest.
Initial discussions had also been held with potential contractors regarding construction of the hotel but a construction contract would not be let until a hotel operator was secured.
Construction was expected to commence by the middle of 2019.