Big blocks at Jack’s on sale

SHARE

Dunedin ratepayers have an interest in two major land parcels for sale at Queenstown’s Jack’s Point.

The 24-lot and 49-lot parcels were among 100 sections bought by Dunedin City Council-owned company Delta Industries in 2009, for $8.8 million.

This purchase, and Delta’s $5.3m spend-up on a Luggate subdivision, hit the news last year.

Blaming lower than expected demand for the sections, Delta wrote down the value of its combined property investment by $7.5m.

Dunedin City Holdings chairman Denham Shale said at the time: “That writedown is predicated on the basis of value if a sale of those properties was forced to be made at this time. No actual loss has yet occurred, and will not, until the properties have actually been sold.”

The Auditor-General announced an inquiry into Delta’s investments – it’s understood that hasn’t been completed.

Via Colliers International, Delta is now selling 73 Jack’s Point home sites – the 24-lot block is titled while the 49-lot block is untitled but consented. Lots in the smaller block average 700sq m.

Sections that size have been selling at Jack’s Point for about $225,000, compared with $300,000 when sales started in 2006.