Extension to Jack’s Point development
If given the nod, a private plan change will allow for an extra 1000 sections in addition to the 1364 already approved.
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Hawke’s Bay
Troubled Australian-based RCL Group (in receivership) has been given the go ahead to publicly notify a plan change at Jack’s Point, Queenstown.
The land involved is on the 520ha Henley Downs to the north of the developed Jack’s Point land.
If approved, the private plan change will allow for an extra 1000 sections in addition to the 1364 already approved.
It also seeks to make development more flexible and eliminate requirements for schools, retail outlets and other commercial activities. RCL’s original schedule was to bring 450 residential sections to market by 2015.
But the big question for the company and its backers is the effect on current prices at Jack’s Point.
RCL Group was placed in receivership in early 2012 by Torchlight, a company associated with George Kerr, who has been a business partner with Jack’s Point developer John Darby.
The company was delisted as part of the receivership but continues to trade.
A Darby-related trust initially funded and retained an investment in Jacks Point and neighbouring Henley Downs, until it sold the holdings to RCL Group in November 2007 just before the global financial crash.
The Queenstown Lakes Council website says that in summary the rezoning will:
- Expand the urban area and enable a higher density of residential development.
- Remove the requirement to create a commercial village within the Henley Downs area.
- Tetain the surrounding land as predominantly rural.
In its own presentation to local landowners, RCL says the zoning will remove the high-density village area and replace it with a smaller commercial and community precinct “that will better serve the needs of local residents, while reinforcing Jack’s Point Village as the key commercial centre”.
Chris Hutching for NBR NZ Property Investor
Wed, 10 Apr 2013
Wed, 10 Apr 2013
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Extension to Jack’s Point development
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