Three sales in the past month have kickstarted a marketing programme to sell down Queenstown’s high-end Bendemeer estate.
The 23 unsold lots above Lake Hayes were bought off receivers by expat Kiwi Alistair Jeffery’s Mount Farm Ventures last September.
Jeffery – who bought a section from the original developers in 2006 – took over the 28ha parcel after a Dunedin businessman unsuccessfully tried to buy it for $12 million.
He becomes the fourth owner of the rural subdivision development.
Jeffery has now appointed a local property management team to look after the estate and a project management team to help buyers with design-and-build projects.
Queenstowner Sarah Cairns has also been appointed as the company’s marketing executive, which includes managing Bende-meer’s restored Woolshed complex as a sales base and also a function centre including two lodge rooms.
“With excellent management in place and an emerging upswing in the high-end real estate market, I believe the timing’s right to really push Bendemeer and what it offers,” UK-based Jeffery says.
“The original essence of Bendemeer is very sound – a high-quality, family-orientated community located on an elevated, high-sun-exposure block of land.
“This is evidenced by three recent sales that are due to settle very soon.”
A substantial new home is underway with construction of another also commencing this year.
Work on two showhomes will begin in November as well.
“As we sell the showhomes, we intend to develop more,” Cairns says.
Jeffery has appointed local agencies Ray White and Professionals Fisken & Associates to sell his 23 lots.
Prices range from $650,000 to $1m-plus for sites from 0.5ha to 2ha-plus.
Ray White Arrowtown agent Michael Tierney says his firm plans a reasonably high-profile marketing campaign.
“We believe there’s a lot of opportunity out there for selling in this new, revitalised rural market.
“We’re seen by other people throughout the world – Asia, Middle East, particularly Australia – as a very stable place where values are retained and just a wonderful place with clean air and a great place to live.”
Tierney says would-be buyers also appreciate Bendemeer’s strict design controls.
“That appeals to people because they don’t want to invest a couple of million dollars in their property to find out that somebody down the road has built a transportable home and it’s got chickens and goats wandering around.”
Tierney’s confident the 23-site sell-down will be completed within 24 months.