Infinity subdivision consent overturned
The Environment Court has overturned the approval given by Queenstown Lakes District Council for the first stage of the Infinity Investment Group's Peninsula Bay subdivision.
Wednesday, February 2nd 2005, 11:24PM
by The Landlord
The subdivision was granted by way of a variation to its district plan.The company sold 75 sections in the subdivision on October 4, 2003, in a bidding frenzy which netted $34 million. The sections were all sold subject to decisions on appeals to the Environment Court.
The decision was expected in March last year.
The buyers needed to put only a $1000 deposit down at the fall of the hammer and another 15 percent when the Environment Court announced its decision.
The average price for sections was $445,000, about $120,000 above reserve, with the top price of $1,006,000 being paid for a 4020 square metre block.
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