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.
