Five Mile for mortgagee sale

Land for a failed $2 billion property project near Queenstown has been put up for mortgagee sale.

Five Mile developer Dave Henderson's scheme for a new township at Frankton Flats is now an empty site which includes a large hole in the ground.

Apartments, offices, shops and light industrial and other buildings were to go on the site but the project failed in its initial phase.

Bayleys is selling the 31ha block of land but said the property was in four titles and the block could be broken up.

Freehold interests in blocks of 1.2ha, 4.3ha, 2.2ha and 23.3ha are up for sale.

Tenders close on March 12.