KEY POINTS:
An 80-room, five-star resort planned for Waiheke aims to make the island New Zealand's leading wine and food destination for wealthy tourists.
This is the overarching vision of Brent Gibson - a Waiheke resident of 20 years and the managing director of the development, which comprises hotel apartments
and a spa in the working vineyard setting of Isola Estate.
Investors can buy 52 unit titles to the apartments, which will be managed by Langham Hotels International under a 25-year contract.
They also get the right to occupy the apartment for 28 days annually.
The resort is on track to open by April or May 2010 and benefit from travellers coming for the Rugby World Cup, Gibson says.
Thirty-five per cent of the approximately $50 million worth of property is pre-sold. The first sale was to an offshore buyer while the balance has sold locally.
Selling prices start at $595,000 for a 60sq m, one-bedroom apartment plus a $35,000 furniture package. The two-bedroom, 104sq m apartments are priced at $995,000 plus a $60,000 furniture package.
Three-bedroom, 180sq m suites are listed at $1.75 million with a $95,000 furniture package.
The two and three-bedroom apartments can also be let as separate one-bedroom accommodation by using a dual and triple key system. Visitors will pay about $550 a night for a room.
A five-year cash flow forecast projects an average net return of 8.6 per cent per annum.
Investors also share income from food and beverage revenue.
There are 26 vineyards on Waiheke, and Gibson says the introduction of an "art house" hotel to the region will give cohesion to good operators in creating a quality destination showcasing high-end New Zealand wine and food.
The resort will feature meeting and banquet facilities for up to 300 people, and offer an interactive wine theatre.
Well-known Waiheke resident John Hawkesby, a wine writer and producer, is promoting Isola Estate and advising on its wine events.
"The island is bereft of boutique accommodation that can house a reasonable number of people," he says. "It will assist enormously with jobs for locals and add a great deal of character to tourism in general here - it gives Waiheke a point of difference."
The resort covers an inland valley between the boutique vineyards of Te Motu Estate and Stoneyridge.
Hawkesby says Isola will be a "beacon of light" for all those interested in fine wine tourism.