Queenstown’s Walter Peak Estate on the block again
Receivers for Strategic Nominees have instructed Harcourts to sell the development property in a mortgage sale.
The high profile Walter Peak Estate development on the shores of Lake Wakatipu is on the market again.
Receivers for Strategic Nominees, owed more than $20 million on the project, have instructed Harcourts to sell the property in a mortgage sale.
The 38ha property was formerly owned by bankrupt developer Rod Nielsen and Justin Russell’s company, Walter Peak Developments.
Mr Neilsen bought the land in 2006 for $10 million with the aim of building a luxury lodge, eight homesteads and eight cottages.
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In 2008 his attempts to sell the property failed and the company went into receivership and liquidation.
The land sits next to Walter Peak High Country Farm, owned by tourism company Real Journeys as a tourist attraction.
Walter Peak Estates has consent for construction of a fully integrated “semi-wilderness experience” estate including a lodge, manager’s cottage, guest cottages, and luxury homesteads along 820m of lake frontage.
The core development has been completed with Strategic Nominees, a division of Strategic Finance, funding its receivers to undertake landscaping works.
Harcourts Queenstown agent Warwick Osborne said he expected interest from developers, investors, property syndicates, hotel/lodge operators, expat’s and land bankers.
“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,” he said.
Two of the nine sites on the 38.16ha are not part of the mortagee sale, although possibly could be purchased at the same time.
New valuations on the property’s seven titles come to $6,215,000, down from $9,560,000 three years ago, Queenstown’s Mountain Scene newspaper reported.
Duncan Bridgeman
Thu, 20 Oct 2011
Thu, 20 Oct 2011
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Queenstown’s Walter Peak Estate on the block again
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