The first of 15 two-bedroom units designed by a retired British architect involved in the building of Canary Wharf Tower and a palace in the Middle East is for sale in the previously troubled Kingfisher Lake Taupo Estate.
But far from being speckled in gold, the leasehold properties are being sold in what is now known as Parawera Estate on the peninsula in Acacia Bay with a price tag of around $450,000 plus ground rent and body corp fees.
UK architect David Duggan bought one of the multi-unit sites in the development six years ago with the view of creating affordable and sustainable homes after moving to New Zealand with his Kiwi wife Debbie.
He had previously been involved in the development of the Canary Wharf Tower in London, a palace in the Middle East and multiple sky scrapers and structures in Dubai.
Start your property search
Following a slow process working with the iwi landowner, council and various stormwater and design consultants and building delays due to Covid, the first five of Duggan’s two-bedroom units have finally been completed.
Duggan, who also has a diploma in sustainable green buildings, said the properties are “terribly simple”, while also probably being the most sustainable homes in the greater Taupo area.
“They are quite spacious and well-designed these houses, with easy flow in and out.”
The leasehold properties in the 20ha gated community have a price tag of around $450,000 plus ground rent and body corp fees. Photo / Supplied
The units are 73sqm with front and backyards and off-street parking. There is also boat, trailer and caravan parking available exclusively to the owners of the Winnie Close development.
Within the wider 20ha gated community there is also a club house, gym, tennis courts and an indoor swimming pool that residents can use.
Duggan’s Winnie Close development sits within the large privately-gated Parawera Estate which is on iwi-owned land and could eventually have 125 houses including 70 on single sites and 50 on multi-unit sites. The Winnie Close units are the first on multi-unit sites to be completed.
“At the moment there are about 10 houses on the rest of the estate, but there are about four or five that are being built at the moment so it is starting to take off,” Duggan said.
Duggan eventually plans to build 15 units on his land which sits in the middle of the development, being built on Māori land, but is waiting for capital from the sales of the current units before work on the next six units begins.
The units were initially designed with active retirees in mind, Duggan said, but would be equally suitable as a holiday home for a single or professional couple.
A Taupo couple in their 50s has already bought the first unit for $436,000, another unit is under contract and the remaining three have been listed this week.
“I’ve always done this with the view of providing affordable housing. When we started affordable housing for a two-bedroom down in Taupo [it] was up to $450,000 so I’m trying to keep the prices at least for these first five below $450,000.”
As well as the purchase price, there is an annual ground fee of $2700 a year to be paid to the iwi who owns the land. Under the terms, the ground rent increases by 3.5% each year and there’s a rent review every 20 years with the next one scheduled for 2024 allowing for the rent to either increase or decrease by up to 20%.
The properties overlook Lake Taupo. Photo / Supplied
There are about 62 years left in the original 80-year lease. At this point, the Hiruharama Ponui Incorporation can either buy the houses off the homeowner for market value or renew the lease.
The Parawera Estate development has a long chequered history dating back to the early 2000s when the land was first leased to the now defunct Symphony Properties for a three-stage development. Since then, there have been multiple disputes, court challenges and another change of ownership before the land was eventually taken back by the Hiruharama Ponui Incorporation several years ago.
However, Duggan said the development is now back on track and there is a new committee in place committed to ensuring it works for all involved.
“We’ve now got a situation which is to the benefit of everybody. It allows relatively low-cost entry to the sites if you wanted to buy or sell them and it also allows for a reasonable return going back to the iwi and the landowner.”
Property Brokers salesperson Chloe King, who is marketing 1, 3 and 4 Winnie Close, said it was unheard of to be able to buy a property in Acacia Bay or even lesser Taupo suburbs for the mid-$400,000s. The median house price for Acacia Bay in September was $1.115 million.
“It’s pretty amazing when you think what you can buy out there in Taupo for $400,000. I mean land in Taupo is $400,000 so to have a brand-new home is pretty special.”
King said not only do these hold the Green Advantage certification, but because they are brand-new they could appeal to investors.
“It’s a really beautiful area as well. When you drive around there you feel like you are in your own little oasis.”
