Queenstown’s Lakeview Te Taumata: Aussie Investors Drive Unprecedented $NZ100 Million Sales

Lakeview Te Taumata - Ninety Four Feet - ADR
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In a remarkable show of enthusiasm, Australian buyers have propelled the first stage of Lakeview Te Taumata, a ground-breaking $2+ billion master-planned precinct in Queenstown, New Zealand, to almost $NZ100 million in sales. This transformative project, often referred to as the ‘Aspen of the southern hemisphere,’ is a joint venture between ASX-listed Centuria Capital and Melbourne-based 94 Feet.

Reflecting the enduring connection between Australia and Queenstown, over 70% of the project’s buyers hail from Australia, with the remaining interest coming from New Zealand and the United States, as reported by sales specialists New Zealand Sotheby’s International Realty.

Mark Harris, CEO of New Zealand Sotheby’s International Realty, expressed the uniqueness and careful planning of the project, stating,

“We’re not surprised at the level of interest – this project is incredibly unique, has been very carefully planned and represents one of the most unique residential offerings ever seen in New Zealand. We are talking a $2+ billion precinct in one of the world’s most well-known ski and lifestyle destinations. It’s where Aspen meets Whistler and Pebble Beach meets Augusta. Australians have a very strong affinity with Queenstown and that’s one of the reasons why we’re seeing the level of sales and inquiry, aided by the benefits of a favourable exchange rate.”

The first stage, known as the Roto Collection, comprising three buildings ranging from nine to 12 levels, is set for construction in late 2024. The Roto Residences will offer a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, with terraces overlooking Lake Whakatipu. Sales for these residences have ranged from $NZ750,000 to $NZ9.8 million.

The highlight of the Roto Collection is the sprawling penthouse, offering breathtaking mountain, city, and lake views, spanning 475 square meters with a 37-square-meter balcony. Available in two designs, the penthouse has already generated significant interest according to Mr Harris, particularly the option priced at NZ$25.5 million.

“We have been fielding inquiries from multiple high-net worth buyers who recognise the transformational nature of this development and its positioning as a world-class residential resort in the heart of Queenstown,”

^Lakeview Te Taumata Architectural Render (Image: 94 Feet)
^Lakeview Te Taumata Architectural Render (Image: 94 Feet)

The Lakeview Te Taumata precinct, unfolding in multiple stages over the next decade, is designed as a seamless extension of Queenstown’s town centre. Upon completion, it will boast luxurious residences, four hotels (including a six-star offering), a lifestyle and wellness hotel, ground-floor retail, restaurants, bars, an art gallery, public plaza, and a hot-pools attraction.

Charmaine Balchin, Development Manager at 94 Feet, highlighted the momentous milestone reached with the official launch and strong preliminary sales, setting the stage for construction to commence later this year. She emphasized the project’s positive impact on the local community, including extensive infrastructure enhancements.

“The early market response has established a firm timeline for a start to construction late this year. Our team has been gearing up for this project for many years now, working with multiple stakeholders to create an exciting development that enriches the Queenstown experience for visitors while delivering significant benefits to the local community including extensive infrastructure works.”

The Lakeview Te Taumata project represents almost two decades of planning, public consultation, and decision-making by the local council, demonstrating a commitment to expanding the Queenstown town centre for economic growth in the region. The Australian Development Review is excited to follow and report on the ongoing success of this transformative venture.

Note: The information presented in this article is for general informational purposes only and should not be relied upon as legal, financial, or professional advice. While we make every effort to fact-check and verify the information presented, we cannot guarantee its accuracy or completeness. Readers are encouraged to independently verify any information they find on our website and to consult with relevant professionals before making any decisions based on the information presented. The Australian Development Review does not own the rights to the information included within this article, and furthermore, there is no infringement intended from the included text and images within.

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