An upcoming mortgagee sale has presented a ‘ready-made’ opportunity for a developer to create more than 60 homes on a key site in the heart of fast-growing Wanaka.
The more than 1.4-hectare site for sale sits around 1.5 kilometres, or a 15-minute lakefront walk, from the centre of the popular resort town.
The property comes with an existing scheme plan and consent to develop 63 lifestyle townhouses or the possibility to explore other uses.
“Under any scenario, a development site of this size in one of New Zealand’s most coveted and fast-growing locations is rare,” said Mat Andrews of Bayleys Wanaka.
Start your property search
“With much of the hard work done in terms of design, consenting and infrastructure, this offering will present a new owner with the chance to roll up their sleeves and reap the rewards.
“Positioned in an area with world class attractions and a rapidly expanding population, this is a chance to be part of Wanaka’s growth story,” Andrews said.
The property at 2 Kelliher Drive and 1 Ashgrove Lane, Wanaka, is being marketed for sale by Mat Andrews, Sunil Bhana, Mike Houlker and Stephen Rendall of Bayleys Real Estate. Sale is by way of a mortgagee tender closing on Tuesday 12 April.
Bhana said the land for sale consisted of two freehold strata-titled residential “future development units” (FDUs) a few hundred metres from Wanaka’s lakefront.
“The property as it sits today has been partially developed, with 10 dwellings constructed and either completed and sold or nearing completion. These are excluded from this mortgagee sale, leaving a site of some 1.43 hectares held in the two FDUs,” he said.
The site on offer has an existing scheme plan and consent for a further 63 lifestyle townhouses, having been varied from the original consent for a 73-unit retirement village.
“Existing site improvements include a partially completed internal road network and services for the planned development.
“The completed infrastructure works, along with the significant design and planning work undertaken, mean a new owner will be presented with a largely ready-made project to see to fruition,” said Bhana.
Houlker said there may also be the possibility for a new owner to alter the existing consents and plans to increase the yield, or perhaps to explore alternative uses.
The property for sale lies on Wanaka’s western urban fringe, within Queenstown Lakes District Council’s Rural Lifestyle zone.
“This location positions it within one of New Zealand’s most popular and fastest-growing resort towns.
“Wanaka’s population has more than doubled in 15 years, to an estimated 11,600 in mid-2021. This rapid growth has helped spawn a growing number of restaurants, cafes and bars and underpins strong demand for local housing.
“With two major ski fields within 30 minutes’ drive, plus top wineries and vineyards, mountain biking, adventure pursuits, golf, boating and hiking on its doorstep, Wanaka has year-round attractions and a diverse local economy,” said Houlker.
Rendall said future residents at the Wanaka site would also benefit from the town’s excellent transport connections.
“The iconic tourism destination of Queenstown, with an international airport, is about an hour away by road via the Crown Range.
“Wanaka also has its own airport as well as highway links to the West Coast through Haast Pass, to Mount Cook Village via Lindis Pass, and south through Cromwell by State Highway 6.
“The town is also well served by bus connections to centres including Christchurch, Dunedin, Queenstown and the West Coast.
“In combination with the area’s natural beauty, these advantages have ensured Wanaka’s enduring popularity as a location for primary and secondary homes.
- Article supplied by Bayleys
