Veil lifted on Walter Peak millions
The price paid by one of Australia’s wealthiest men for a lakefront property near Queenstown has been revealed by the Overseas Investment Office (OIO) as $14.85 million.
Tim Roberts bought 39 hectares at Walter Peak Station in late 2017 but the price was kept secret.
At the time, locals estimated he would have picked up the site for less than $10m.
Because Roberts told the OIO he intended to obtain residency and live here permanently he wasn’t required to show the investment would benefit New Zealand.
However, Roberts has made other local purchases.
One of his companies, Half, has a quarter-share in Halfway Bay Station, with the other three-quarters owned by Chris Ellison, another Australian billionaire.
Ellison is the managing director of Minerals Resources, which has a turnover of nearly A$2 billion (NZ$2.18 billion), and Roberts is an independent director on the same company.
Halfway Bay Station is leased to Lake Wakatipu Station and there have been plans reported for visitor accommodation there.
In early 2017 Roberts spent $4.2m on a 12-hectare property in Malaghans Rd, Speargrass Flat, near Queenstown where he has a residence.
In April this year he applied for non-notified resource consent for a helicopter pad and hanger.
A neighbour 200 metres away in Malaghans Rd is upset about the noise, and the potential to scare the horses used by recreational riders in the area.
Roberts wants to use his Bell 429 Global Ranger helicopter for a total of 120 flights per year, or 20 flights per month, a maximum of seven flights per week, or two per day.
‘‘Helicopters travelling over the area are accordingly common throughout the year due to the tourist nature of Queenstown,’’ a Queenstown Lakes District Council planning officer said in his evaluation report.
The Bell 429 was a new and comparatively quiet model of helicopter, the planning officer said.
‘‘The applicant owns other land within the Queenstown-Lakes District including a farm at Walter Peak and Halfway Bay. The primary use of the helipad is to allow the applicant to commute to and from these locations.
‘‘This will save time and decrease the amount of road vehicle traffic to and from the property.
‘‘The Walter Peak site is difficult to access by road whilst Halfway Bay Station has no road access. It is therefore most efficient to access both farms by helicopter.’’
The planning officer also noted that other helicopters were frequently in the area including a helipad 1.2 kilometres further north on Malaghans Rd.
He concluded the noise and landscape effects would be less than minor and recommended approval.
‘‘The area is a rural environment, and as such there is an expectation that some noise emissions are anticipated as part of everyday rural activities. These include use of mechanical harvesting equipment, pumps, chainsaws etc.’’
A decision by the council is still pending.
Meanwhile, Roberts retains several directorships at Crown Casino and Hotels in Western Australia, the Perth Symphony Orchestra, and the Telethon Institute. He is also a patron of the North Cottesloe Surf Lifesaving Club.
He is part of a West Australian family that set up and sold construction company Multiplex several years ago.