Gapes into Five Mile

Part of Five Mile, the $2 billion project near Queenstown, has been sold to Tony Gapes of Auckland.

One of the biggest projects Hanover Finance funded has been sold to his Queenstown Gateway, which announced yesterday it had bought a part of the project.

"Acquisition of the 7.7ha of land on the outskirts of the resort town was finalised yesterday," a company statement said.

The stage one parcel of land is part of a larger 31ha development site that was put up for international tender in February this year after Five Mile Holdings Ltd, owned by property developer Dave Henderson, was placed in receivership and acquired by Hanover Finance, the statement said.

"The company is looking at several options for development of the land. It is not prepared to discuss the timing or detail of any development.

"Queenstown Gateway has declined to reveal the price paid for the land, of which approximately 4.5ha may be developed. The remainder of the land is set aside as road reserve and a sports field." Agreements have been reached for the council to ultimately own the sports field, according to the statement from Queenstown Gateway.

John Loughlin, chairman of Allied Farmers, this week said Five Mile would be sold if Allied's deal to buy Hanover's assets succeeded.