Walter Peak Estate MORTGAGEE sale

MEDIA RELEASE
20 October, 2011
For Immediate Release

Harcourts instructed to sell world renowned Walter Peak Estate by MORTGAGEE sale

The Mortgagee has instructed Harcourts Queenstown to sell seven of the nine titles at the world renowned Walter Peak Estate by Mortgagee Deadline sale and it is on the market.

This high profile property has consent from the QLDC and the Environment Court allowing for the construction of a fully integrated semi-wilderness experience estate including a lodge, manager’s cottage, guest cottages, and luxury homesteads along its 820 metre Lake Wakatipu frontage.

The potential development is currently bare and Harcourts Queenstown says they expect a large amount of interest. Previously owned by a Queenstown developer, the core development of the site has been completed, and infrastructure in place with thousands of native trees planted - a key advantage to a buyer.

The buyer will have many options, including the development of a lodge, luxury homes, cottages and a manager’s residence. A key benefit of this mortgagee sale is it comprises of seven titles, giving potential buyers so many options going forward.

“Based on our expertise in high profile land sales we expect to receive global interest from developers, investors, property syndicates, hotel / lodge operators, expats and land bankers all with a focus to deliver a wilderness experience,” says Harcourts Queenstown agent Warwick Osborne.

Mr Osborne has prior history selling the property and says the site is prime New Zealand real estate in the area, and would be a true top end wilderness experience with peace and quiet, yet so close to Queenstown by boat or helicopter.

“Properties like these are scarce in the world. The consent process was involved and extreme, but is now complete, so the purchaser will be able to move forward with the process.

Last for sale in 2005, the site is 38.16 hectares comprising of nine sites, with two sites not part of the mortgagee sale, however, there is the possibility to purchase those two lots. The site, adjoined by Beech Bay Road to the south, has an approximate 820 metre frontage to Lake Wakatipu on the north and is 1.5km from Beech Bay and the wharf where the TSS Earnslaw docks.

In 2005, after negotiation with neighbours, interested parties and consultation from such parties as James Lundy (Design Consultants), Morgan Pollard and strong involvement from the Wakatipu Environment Society with strict adherence to the consent process, a solution that fitted the landscape was approved.

“The council consent in 2001 gave approval for 45 house units. The current consent gives approval for 17 buildings. This reduction fits the site better and reflects the maturing of the market for top end property,” says Warwick Osborne.

In brief, the agreed and original concept has two development regions. Firstly, within the Mick O’Day Creek Basin, a lodge building that incorporates guest suites, separate manager’s residence and eight cottages. Secondly, along the terrace face, eight homestead sites.

Several generic designs for the buildings have evolved over the years, but it has been agreed that each building should be specifically designed to fit its location and fit to the contour of the land. The consent provides for flexibility, although each design will be subject to approval by a Design Review and Approval Committee.

Walter Peak is now on the market and will be an attractive asset to a visionary buyer wanting to create their own wilderness experience.

Visit www.harcourts.co.nz/QT2997 for more information.

ENDS

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