Augusta Capital Limited (NZX: AUG) came forward and notified the market that partners in QT Lakeview Partnership have managed to obtain the approvals that were necessary under Overseas Investment Act 2005. It is important to note that approvals relate to development agreement with Queenstown Lakes District Council.
As per the release, wholly owned subsidiary of AUG holds 25% stake in the partnership. However, Melbourne based Ninety-Four Feet holds 75% interest in the partnership.
The company anticipates to incur development expenditure of between $2 million-$3 million over FY 2021 as well as FY 2022 in aggregate, relating to its share of development costs over this period.