Contractors cleared the mud and other debris from the site of the Marina Terrace Apartment development which had been blocking the road since last Thursday night.
One lane of the road is now open to motorists with stop-go traffic management in place.
The footpath along the lakefront has also been reopened. It is not known when the road will be reopened to two lanes.
If any stability issues were detected at the Marina Terrace Apartments site over the weekend, the road would be immediately closed, Queenstown Lakes District Council communications adviser Jimmy Sygrove said.
A concrete buttress wall had been installed to stop any debris falling on to the road.
The council was still working with the developers of the Marina Terrace Apartments to reopen the road to two lanes but was satisfied the current solution was safe for motorists.
The council would continue to provide updates as they became available. Any investigation into the cause of the slip and any enforcement action would be secondary to ensuring the site was safe and allowing Lakeside Rd to reopen to two lanes, Mr Sygrove said.
