A pristine 45ha property on the Remarkables Station on the shores of Lake Wakatipu near Queenstown is being made available to purchase for the first time.
"Homestead Bay is an unprecedented resort-zoned absolute lakefront development site," says Russell Reddell, an agent with Sotheby's International Realty in Queenstown who is marketing the property for sale by negotiation.
"Being the only lakefront property in Queenstown with resort zoning makes this an exceptional site with unrivalled development potential."
The property is off State Highway 1 to the south of the Jack's Point zone in one of Queenstown's area's most sought-after locations.
"Homestead Bay has been 10 years in the making," says Reddell.
"With zoning for residential and visitor accommodation in a high quality sustainable environment, the value of this property should not be underestimated."
In its current form the development zone incorporates three distinct parcels for development:
The Homestead Bay Village area with residential and visitor accommodation including bars and restaurants;
The open space horticultural area for horticultural and residential activities;
The open space residential area, providing low level residential dwellings within the foreshore environment.
The current zoning allows for 27 elevated building sites on 30ha ranging in size from 4000sq m to 2ha.
The identified Homestead Bay Village area is equivalent in size to the commercial area of downtown Queenstown and comprises 6.2ha directly adjoining the lake foreshore.
Plans for it include a mix of commercial, residential and visitor accommodation with a maximum height level of 10m and maximum building coverage within the Village Area of 21,500sq m.
There are also plans for an area to be developed to include a boat ramp, jetty and boat shed.
Within the open space residential activity area at least 50 per cent of the space will incorporate native planting in keeping with the area and in harmony with the natural surroundings.
The Remarkables Station is steeped in history, dating back to the Central Otago gold rush of 1861 when it was founded by Queenstown's first European settler, explorer and surveyor, William Rees.
Since then generations of the Jardine family have farmed the land that still surrounds the development site today.
"The station's heritage, along with the ongoing working farm, add a certain character and charm to the site while providing a real sense of open space and privacy," Reddell says.
"The naturally-formed terraced site is surrounded by beautiful farmland and offers unparalleled lake views and all-day sun."
Reddell says Homestead Bay gives unimpeded opportunities for public access to Lake Wakatipu.
"This site represents one of the Wakatipu's finest and most sought-after resort development opportunities for years.
"It is a unique development opportunity that has not been provided for on a similar scale, or in such an exceptional location anywhere else on Queenstown's Lake Wakatipu foreshore."
The property is only an eight minute drive to Queenstown International airport and the Remarkables Park Town Centre, and 20 minutes from the Queenstown central business district.
"Absolute lakefront development sites of this nature are extremely rare and careful planning has been undertaken to ensure the future sustainability of this site," Reddell says.
"Queenstown has developed into the Southern Hemisphere's pre-eminent four-season resort, with ski fields, extensive golf courses, biking and hiking trails, wineries and an abundance of other recreational and adventure activities. There's simply no place like it."