In a rare moment of real estate gold, 8.5ha of old Hawea town land has just hit the market. The largely rectangular block at 195 Lakeview Terrace is surrounded by existing residential properties. The gently sloping tussock and grassed block has been owned by a Dunedin-based family for the past 25 years, and is now being marketed for sale by tender through Bayleys Wanaka. The land is classified Township Zone under the Queenstown District Lakes Council plan.
Bayleys Wanaka salesperson Todd Soper said, “The family has owned different property in Hawea for the past 70 years and its members are now at a stage in their lives they are no longer able to enjoy the land as they have done over the past 25 years. It was a very difficult decision for them to make and has taken over a year to decide that it was the right time.”
Hawea has enjoyed some huge capital gains over recent years and for owners who have held land for decades, the profit margin can be like winning Lotto. Records show this plot of land was sold for $110,000 in 1994 but now has a site value of $3.2million.
Soper said, “this land is pretty special as it’s already zoned for subdivision and is located in the older area of Lake Hawea township.” Part of the section is also on the highly valued elevated area of old Hawea that enjoys lake views, whilst part of it slopes down the hill towards Timsfield. Logic dictates that the elevated sections could provide some spectacular architecturally designed homes, whilst the southern sites provide more affordable options. But how a developer chooses to divide the land will be revealed in due course.
Soper said, “An indicative residential subdivision plan for the site identified the potential for the creation of between 73 to 80 sections from the existing single property.
“Queenstown Lakes District Council had indicated its intention to review the Township Zone guidelines later this year, with the potential that the current minimum section size of 800 square metres could drop to minimum section sizes of 450 square metres. Based on a higher density design, it is feasible that up to 120 lots ranging in size from 500-600 square metres could be yielded from the site.”
Soper also said, “A new large-scale subdivision in Lake Hawea would offer an attractive price point for those looking at entry-level property in the district, on which to build.” Sections in the nearby Timsfield development at Lake Hawea which were released to the market earlier this year have been selling for between $249,000 and $300,000. Of the 42 Timsfield sites released, only six remain unsold. The sites ranged in size from 800 square metres to 1,300 square metres.
“The speed at which Timsfield has sold down shows there is demand for greenfield sites in the town as people find they are priced out of the Wanaka market,” Mr Soper said.