Walter Peak Estate “must be sold”

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Media Release

Instructions issued, Walter Peak Estate “must be sold”

27 November 2008 – Former Queenstown-based property developer Rod Nielsen, who now lives permanently in the USA, is winding down his business interests in the top tourist town, including putting all of Walter Peak Estate up for tender, with instructions the property “must be sold”.

Best known for the Heritage Villas development alongside the Heritage Queenstown hotel, Mr Nielsen bought the 38 hectare property - which was formerly part of the 27,000ha Walker Peak Station – in early 2006, with plans to create a multi-million dollar “fully-integrated semi-wilderness estate”.

As Harcourts Sales Consultant Warwick Osborne explains the sale followed seven years of consultation by the previous owners to get the property to market with consents in place for a home lodge with six guest suites, a manager's cottage, eight guest cottages and eight luxury homesteads, along with a vineyard and marina.

“Mr Nielsen purchased Walter Peak Estate with plans to build and retain the lodge and cottages to run as an exclusive high country luxury getaway, so until recently only the eight homestead sites have been marketed, with an expected price range of around $2 million to $2.8 million per site.

“However via tender the proposed home lodge site is now up for sale and the entire property is now available for purchase as one block too, with clear ‘must sell’ instructions.”

Within easy reach of Queenstown by road, helicopter or boat and featuring an 820 metre frontage to the southern shores of Lake Wakatipu, Walter Peak Estate has been partially developed since Mr Nielsen purchased it and is primed and ready for a new owner to take the next step, according to Mr Osborne.

“The sub-division infrastructure has been put in place and around 75,000 plants established as part of the landscaping plan, with around 70,000 more awaiting planting. It’s an amazing project waiting to happen,” he says.

“Made internationally famous by The Lord of the Rings film trilogy this whole area is seen as a unique global destination and with Walker Peak Estate offering such a superb development opportunity, we’re confident it will attract considerable interest, including from overseas,” says Mr Osborne, who adds that there was “strong buyer interest” from Australasia, Dubai, the United Kingdom and the United States when the property was put up for sale by the previous owners.

Tenders are due at 4pm on Wednesday 10 December. For more information visit http://www.harcourts.co.nz/search/process.do?o=B&qss=Town+or+Suburb&qst=QT081110&x=38&y=4

ENDS

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