Commercial property investor and manager, Augusta Capital, has bought a $13.95 million site on Man Street in central Queenstown and has plans to build a five-star, five-storey property on the area. The hotel would feature 47 studios, six suites, three corner suites and one penthouse.
The price was inclusive of the land as well as design plans, intellectual property and the site works completed on the 'Queenstown Views' project so far.
“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,” said Mark Francis, managing director, Augusta Capital.
The plan was to place the hotel the in its proposed Tourism Fund. However, it may accelerate the development before the Fund is established.
Before the acquisition, construction was expected to begin midway through 2019.
