Ready-made opening on Wānaka lakefront
A significant landholding in the South Island resort town of Wānaka has been prepped and awaits development, presenting a ready-made opportunity for investors and developers to create a legacy as a part of the town’s unfolding growth story, Bayleys salespeople say.
Spread over two titles, the land parcel comprising 1.434ha at 2 Kelliher Drive and 1 Ashgrove Lane is in a prime position, just one street back from the lakefront.
Bayleys Wānaka salesperson Mat Andrews says it is a stunning piece of real estate that provides a unique development opportunity in one of the world’s most spectacular alpine areas and is expected to yield a good degree of interest given progressed design, consenting and infrastructure works.
“With restrictive zoning and land use regulations, under any scenario, properties of this scale are increasingly rare, and the commanding location is underpinned by a strong local appetite for homes and residences.”
The property is being marketed by Andrews, Sunil Bhana, Mike Houlker and Stephen Rendall of Bayleys Real Estate by mortgagee tender closing Tuesday June 11, unless sold prior.
Bhana says the property has changed hands in recent years as previous landowners struggled with feasibility in an increasingly volatile economic climate.
“We now have greater visibility on where we are headed regarding interest rates and political policy, with market pricing now picking rate cuts around November this year. While construction cost growth has dropped to its lowest level in eight years, this offers a new purchaser confidence in their ability to pursue development plans.”
Initially consented for a 73-unit retirement village development, progressed improvement works include a partially complete internal roading network and 10 dwellings. These dwellings have been completed, sold and excluded from the offering.
Mike Houlker says the property lies on Wānaka's west urban fringe, zoned Lower Density Suburban Residential with a Future Development Unit title reading. “The local authorities have earmarked the site to accommodate future growth, although a new owner may look to investigate alternative use options, including private development, tourism, or mixed-use options.”