Luxmore plot sold: but who bought it?

THE multimilliondollar Luxmore subdivision in Te Anau is believed to have been sold to an undisclosed buyer.

The offer is expected to go unconditional at the end of the year after the purchaser’s due diligence has been completed.

Expression of interest in the land owned by the Fiordland Community Board closed on May 5, with two interested parties negotiating for the parcel of land.

The twoplot parcel of land would allow for both residential and commercial development. It was landbanked by the Fiordland Community Board in 2005 and now had a 2021 QV valuation of $3.3 million.

Te Anaubased Southland District councillor Ebel Kremer said the community board had purchased the land specifically to develop a housing subdivision and thought it was a smart investment which had now borne good fruit.

‘‘They were forward thinkers . ..

‘‘Without that sort of vision back then we wouldn’t be in the position that we are now. There certainly needs to be some recognition of the decision in the past by community members to invest in that land for the future of Te Anau for the community at large.’’

Residential land made up about 65% of the property and could fit between 75 and 80 residential sections, while there will be about 20 industrial lots.

‘‘There is some focus on affordable housing to have higher density housing for one or two areas.

‘‘We want to make sure we don’t have higher density housing through that entire piece of land. But it does provide an opportunity for more affordable housing for people to be able to gain access.’’

Cr Kremer said some sections would be smaller than others to allow smaller homes to be built.

‘‘That will keep the cost down and give them a chance to get themselves a home.

‘‘Previously there was a shortage of housing both for rental and for purchase. So by taking this initiative it will assist and position this community far better to be able to accommodate those people. It also assists those business people in town who are struggling to find enough people for their workforce.’’

Supplying accommodation for the region’s transient workforce has traditionally put pressure on businesses. It was also hoped the parcel of industrial land would help to release some of the pressure on commercial businesses crying out for suitable premises — particularly those businesses who serviced the surrounding farming district.

‘‘They [farmers] also need services with regard to their equipment and machinery, transport of fertiliser to their farms, stock for their farms. So it is all those things as well that will also have a domino effect. So [we’ve] got to make sure we look after them as well’’.

The Fiordland Community Board had said in March this year the net sale proceeds of the land were to be credited to the Luxmore Development Reserve, for allocation by the Fiordland Community Board.

Cr Kremer said the board would first need to consider, in consultation with the community, what projects were for the wellbeing of the community.

Colliers International Otago Realty Ltd, which was marketing the Luxmore land, quoted in its marketing material an average residential section sale price, over the past three years, of $232,071.