Five Mile’s new layer

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Anyone buying Queenstown’s troubled Five Mile site might have to dig deeper than first thought.

New Zealand Property Investor reports Buzz March, owner of Christchurch-based March Con­struction, has claims over 360,000 cubic metres of dirt spread over a large part of the Frankton Flats area, to a depth of 800-900 millimetres.

It is construction fill – “earth and rock and other material”, according to the charge registered against the title – which was excavated by March Construction to create a carpark basement known locally as Hendo’s Hole.

March Construction spread the fill over a 23-hectare portion of the site east of Grant Road.

The firm did the big dig for developer Dave Henderson’s Five Mile township, which was stalled after Henderson’s company went into receivership last July.

Last October Mountain Scene reported the company was understood to be owed about $300,000.

The 31ha site is currently under mortgagee sale – whether March Construction’s caveat would make it difficult for a new owner is unknown.

Buzz March tells New Zealand Property Investor he wants the fill used for Queenstown Airport’s proposed runway end safety area.

Meanwhile, Queenstowner Jim Boult, the developer of the 200ha Lake Hayes rural lifestyle subdivision, Threepwood, says he’s unaffected by this week’s receivership of his company’s second mortgage holder, Mascot Finance.

He’s part-way through selling sections from $750,000 upwards on a working farm.

“In the current market I think we’re going pretty well – we sold one the week before last,” he says.

“Contrary to the popular view the real estate market is alive and well.”