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 (more or less) of land at 2 Kelliher Drive and 1 Ashgrove Lane is in a prime position, just one street back from the Wānaka 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.”
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The property is being marketed for sale by Mat Andrews, Sunil Bhana, Mike Houlker, and Stephen Rendall of Bayleys Real Estate with a sale by way of Mortgagee Tender, closing on Tuesday 11th June 2024 (unless sold prior).
Bayleys salesperson Sunil Bhana says that 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 ten dwellings.
These dwellings have been completed, sold, and excluded from the sale offering.
Bayleys salesperson Mike Houlker says the property lies on Wānaka’s west urban fringe, zoned within Lower Density Suburban Residential with a Future Development Unit title reading.
“Given Wānaka’s rapid recent population growth, 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 subject to obtaining necessary agreements and consents.”
Density has previously been concentrated around the eastern edge of town, reflected by Winton’s massive Northlake development, which has attracted a burgeoning population and supply of affordable housing.
“Homes west of the main township, along the lake, have retained a premium reputation and are consistently in demand amongst both domestic and international purchasers.
“Across our network, we are seeing both global and institutional capital returning to the table, as reflected by greater enquiry for strategic acquisitions.
"High-growth areas that benefit from tourism demand are typically a target area for these investors, with Wānaka and the broader Southern Lakes region expected to benefit from a return of interest here.”
- Supplied by Bayleys
