Joint venture pays $1.6m Queenstown wharves

SHARE

Two Queenstown Bay wharves have been bought by a consortium of three major local business players.

Southern Discoveries, Real Journeys and Remarkables Jet bought the adjacent St Omer and O’Regans wharves at auction yesterday (Thursday).

It’s understood they paid about $1.6 million, which represents a yield of 6.8 per cent.

The vendor was Ngai Tahu Property, which built O’Regans Wharf in 2007 and redeveloped St Omer Wharf in 2004.

Settlement is due before Christmas.

Southern Discoveries already has leases over both wharves – on St Omer, through its half-ownership of jetboat operator Kawarau Jet, and on O’Regans Wharf, through owning the Queenstown Princess catamaran.

The company also plans to use O’Regans Wharf for a new catamaran that will take tourist trips across the lake to Mt Nicholas Station.

Real Journeys operates the 100-year-old Earnslaw tourist steamer from the neighbouring Steamer Wharf.

Real Journeys director Tony McQuilkin says the purchase will give his company substantial extra wharfage for future vessel operations on the lake.

Remarkables Jet is a subsidiary of Frankton Flats developer Remarkables Park.

Remarkables Jet director John Porter says his company is delighted to have joined forces with Southern Discoveries and Real Journeys.

“Our plans include developing a stunning waterfront resort village, serviced by regular jet ferries travelling between Queenstown and Remarkables Park.

“Involvement in the joint venture is a key part of progressing the development of our integrated master plan.”

The sale was handled by Colliers International.