A $10 million marina project in Queenstown has gained Overseas Investment Office approval, it’s been officially announced.
The office’s April 6 approval – announced yesterday but reported by Mountain Scene – covers three-quarters of a hectare at Sugar Lane and almost 7ha of the lake itself.
The consortium behind the planned offshore floating marina includes Iranian-born multimillionaire brothers Nasser and Iraj Barabi, who live in California and each own 40 per cent of Lakes Marina Projects Ltd.
Queenstowner Alan Kirker owns the remaining 20 per cent.
Kirker says construction of the marina at Sugar Lane, Frankton, can’t begin yet.
A lakebed lease from Land Information New Zealand is still needed.
“We can’t award contracts or do anything until that comes through.”
Stage one features a breakwater, 77 marina berths, 17 floating sheds, four buildings on land, a fuelling station and parking for up to 136 vehicles.
Otago Daily Times