Trust Transfers $12 Million Lake Hood Property to the Ashburton Community
This week, the Ashburton Aquatic Park Charitable Trust (AAPCT) finalised the transfer of Lake Hood and the surrounding reserve land, some 147 hectares valued at over $12 million, to the local Mid-Canterbury community. Following the deduction of the remaining Debt, this represents a significant $11 million gift to Ashburton.
Acting for the community, the Ashburton District Council will now have free title to the existing Lake and surrounding recreational land. The additional land required for the Lake Hood extension project which incorporates both residential and lifestyle property development, has also been purchased this week by the joint venture partnership, Lake Hood Extension Project (LHEP) Limited. LHEP is a joint venture involving AAPCT, Ashburton Contracting Limited and Riversdale Park Development Limited.
AAPCT Chairman, David West says this is an exciting and major milestone for the extension project and a “dream come true” for the Trust.
Following the settlement with the LHEP the Trust also repaid Ashburton District Council $1.8 million including interest, “this leaves the Trust debt free” said Mr West.
“The existing Lake Hood development has already proved a successful venture – it is a significant community asset and a jewel in the crown for Ashburton with enormous recreation potential and opportunities for district growth,” said Mr West.
“Transferring our ownership of this significant lake development provides a unique recreational facility for the local community which has been the Trust’s focus for almost 22 years – starting with a meeting of around 80 Ashburton residents with a just a big idea.
“Some of the original committee members have seen the project through – it has been the realisation of their collective vision with long-term support from the Council and Councillors,” he said.
In 1990, the AAPCT purchased a farm for just $125,000 and a small trial lake was formed culminating in the opening of Lake Hood in April 2002 and the development of the initial residential subdivision including the popular Lake House Restaurant.
The extension to the existing lake by LHEP will see an approximate doubling of the area to 170 hectares of water and the existing subdivision from 150 developed residential lots to an additional consented 262 residential sections and 88 lifestyle properties.
It will also create a significant aggregate resource which is estimated to meet the needs of the Ashburton District for the next twenty years.
1990 200 hectare Farm purchased by Ashburton Aquatic Park Society
1998 AAPCT established
April 2002 Lake Hood opened
April 2008 Joint venture agreement signed by Ashburton Contracting Limited (ACL), a wholly owned subsidiary of the Ashburton District Council; Riversdale Park Development Ltd and Ashburton Aquatic Park Limited – to undertake the purchase of adjoining land from Riversdale Farm Limited and the AAPCT.
March 2010 All planning and Lake Extension consents issued.
30 June 2010 AAPCT transfers the existing lake and reserve land to the community.
1 July 2010 Joint venture purchases additional land from Riversdale Farm and AAPCT for the extension project and takes over the management of the existing Lake and Recreational land on behalf of the new owners, Ashburton District Council.
ACL have entered into a separate joint venture agreement with Fulton Hogan Limited to establish an aggregate processing plant as part of the Lake Hood extension project.
For further information please contact:
David West, Chairman
Ph: 03 302 3866
Cell: 027 435 7779
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