Buyers might get southern bargain
The marketers of sections at Homestead Bay, Queenstown, say they have removed their initial $3.2 million asking price and are offering remaining sections by negotiation.
The 2275 square metre sections on the south side of Jack’s Point golf resort subdivision have been on the market for more than a year.
Longer term plans include a marina, hotel, and apartments, with the development described as a $100m venture.
Bayleys agent Chris Campbell said seven of the lots had been sold and buyers included two overseas people. There were five sections remaining in the initial stage.
Most of the land in the Jack’s Point zone was formerly owned by the Jardine family which has carved off parts of it for the developments.
Dick and Jill Jardine sold the 45-hectare Homestead Bay site via Sothebys to Homestead Bay Trustees in 2013.
The Jardines recently recently gifted their adjoining 4ha Woolshed Bay property to the University of Otago’s Foundation Trust, including historic shearers’ quarters and Woolshed house.
Auckland-based Homestead Bay Trustees and partner Viranda Partners began developing the site with earthworks last year. Titles are now available.
One of the directors and minority shareholder in the development venture is Auckland barrister Andrew Guest. There are several other shareholders.
Viranda Partners director Mark Bridgman said Homestead Bay was the best waterfront site in Queenstown with a kilometre of lakeside land and stunning vistas.
The flat building platforms had covenants ensuring future homes were single-storey, to protect uninterrupted lake views from every house, he said.
Architect Francis Whitaker of Dunedin’s Mason & Wales has designed the development.
Another subdivision under way is Hanley’s Farm with potential for 1750 smaller sections to the immediate north of Jack’s Point. Hanley’s Farm developer is Melbourne-based RCL Group, a subsidiary of Pyne Gould Corporation, and one of its last remaining trading enterprises since it came under the control of businessman George Kerr who was also involved in the early development of Jack’s Point with John Darby.
The Jacks Point Zone, which includes Jacks Point, Hanley’s Farm and Homestead Bay, enables a Homestead Bay Village activity area to develop as a secondary commercial and mixed-use centre supporting aquatic activities ‘‘and the needs of residential activity around Homestead Bay’’.