Frankton Flats developers, the Porter brothers, have bought adjacent Kawarau River Station at mortgagee auction today (Friday) for $8,050,000.
The 1825 trophy farm, on the northern face of Queenstown’s Remarkables mountain range, which grazes cattle and red deer, had been owned by Queenstowner Steve Laing since 1995.
The property is bounded to the north by a 14 kilometre stretch of the Kawarau River, with the Frankton Flats on the other side of the river.
Ray White Queenstown agent Bas Smith says there were six registered bidders, and 23 bids were taken, starting at $6m.
The Porter brothers – Alastair, John and Neville – developed the first stage of Remarkables Park Town Centre, which they sold to DNZ Property, are about to develop stage two, and also own the Shotover Park commercial/industrial subdivision by Glenda Drive.
Remarkables Park Ltd recently unveiled plans for a conference centre.
Alastair Porter says he believes the price they’ve paid for Kawarau River Station is “a very fair result for the vendor and the purchaser”.
He says the station will be somewhere to take the deer they run at Remarkables Park, where they’re running out of room for their farming operation.