Luxury development lures formerpm
A Gibbston Valley luxury development has sold its first release of 15 properties, worth $25 million, on the first day of listing.
The development attracted high-profile buyers like former Prime Minister John Key and cricket coach Brendon Mccullum.
A second release of 20 two, three and four-bedroom properties were likely to be gone by Christmas, Harcourts agent and former MP Hamish Walker said.
‘‘We almost can’t keep up with the level of inquiry that’s coming through, with buyers attracted to the scale and location of what’s on offer, and pricing that’s meeting the market when overall demand is at an all-time high.’’
The development will include access to a nine-hole golf course, a country club and spa, wellness centre, restaurant, gym and a village with artisan shops, cafe and garden centre.
Buyers could live in or rent homes out via the resort when they weren’t there.
Located close to Queenstown, homes range in price from $1.25m to $4.5m plus GST.
Prices had increased since the first release and would increase again once the next 20 homes were gone, Walker said.
Key said he had bought in because it was good value for money.
‘‘Gibbston Valley Winery has a very rich history and this is about experiencing the finest of what Central Otago has to offer in a safe and relaxing environment,’’ he said.
Mccullum said he was buying in because he loved Queenstown, golf, wine and the high country.
Walker said the $750m development has also attracted interest from other well-known sportspeople.
Buyers had mostly come from Auckland, while other interest had come from Kiwis living in the United States and Australia.
The development will be built on Gibbston Valley Station, coowned by Gibbston Valley Winery, Lodge and Spa chief executive Greg Hunt and USbased Phil Griffiths.