Lakeview Te Taumata 

PHOTO: Queenstown’s Lakeview Te Taumata 

A Melbourne-based developer has pledged to revolutionize Queenstown‘s cityscape with a $2 billion leisure precinct set to grace the heart of the once-charming ski town. The Lakeview Taumata development, slated to commence construction by the end of 2024 on the former grounds of a holiday park campground, promises a remarkable transformation.

Lakeview Taumata Queenstown development.jpg

Buyer demand for Queenstown’s Lakeview Te Taumata on Man Street has been very strong, its developer says.

The initial phase, scheduled for completion by 2026, will feature three buildings ranging from nine to 12 stories high, comprising a total of 224 apartments. Over the ensuing decade, the precinct will expand to encompass four hotels, including one of six-star caliber, along with an array of restaurants, bars, and a forthcoming hot pools attraction yet to be unveiled.


Centuria’s Mark Francis says Queenstown is at a turning point.

Mark Harris, representing New Zealand Sotheby’s International Realty, disclosed that his agency had already facilitated sales totaling $100 million within the past three months, even before officially listing the apartments on the market. This significant interest primarily stemmed from their existing database of eager investors.

“The development is precisely what central Queenstown has been lacking… Many clients prefer urban living to rural acreage, seeking low-maintenance apartments they can utilize during their stay,” remarked Harris.


Construction is due to begin on The Lakeview Taumata development on Man Street in Queenstown at the end of 2024.

Approximately 70% of the purchasers thus far hail from Australia, with the remainder comprising a mix of American and Kiwi buyers. According to Harris, Queenstown’s allure to Australians lies in its resemblance to a European retreat just three hours away, offering a blend of hiking, lakeside leisure, vineyards, and renowned snow sports, earning it the moniker “the Aspen of the Southern Hemisphere.”

The venture represents a collaboration between Melbourne-based firm 94 Feet and Centuria Capital, a seasoned investment fund manager overseeing assets valued at $21 billion. Mark Francis, CEO of Centuria, expressed the company’s longstanding ambition to establish a tourism real estate fund, with Queenstown serving as a pivotal starting point.

“I view this as a pivotal moment for Queenstown… It signifies the town’s evolution into a global destination, which will undoubtedly yield economic advantages,” noted Francis.

The land transaction transpired via tender by the Queenstown Lakes District Council in 2019, with reports suggesting a deal worth $77 million, to be disbursed incrementally upon various project milestones. Notably, around 300 low-income workers were reportedly residing in the campground at the time of sale, underscoring Queenstown’s housing affordability challenges.

The Lakeview development aims to cater to diverse market segments, with penthouses commanding a price tag of $25.5 million, alongside studio apartments starting from $780,000 – a comparable investment to a 1970s block unit in Auckland’s Sandringham neighborhood.

Furthermore, Francis outlined plans for a “co-living” aspect within the new structures, featuring 94 rental rooms with shared amenities, introducing a novel dimension to contemporary living arrangements.