One of New Zealand's most incredible waterfront properties has been snapped up by an overseas buyer - as long as the sale gets the tick of approval from the Government.

The stunning $20 million-plus mansion and adjoining vineyard on Waiheke Island is under contract with Land Information New Zealand confirming an application to the Overseas Investment Office has been received.

The sprawling estate of Te Rere on Church Bay Road, Waiheke, is under contract to a foreign buyer. Photo / Dean Purcell
The sprawling estate of Te Rere on Church Bay Road, Waiheke, is under contract to a foreign buyer. Photo / Dean Purcell

Known as Te Rere Cove, the nearly 14ha estate at 205 and 205a Church Bay Road includes a sprawling home by award-winning designer Bryce Ardern. The 1800sq m home is 10 times the size of the average New Zealand house.

The views from Te Rere over the Hauraki Gulf have been described as breathtaking.
The views from Te Rere over the Hauraki Gulf have been described as breathtaking.

In addition, the 2.4ha vineyard produces chardonnay, sauvignon blanc, pinot gris and syrah.

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A LINZ spokeswoman confirmed an application had been made: "The Overseas Investment Office has received an application to acquire 13.89 hectares at 205 and 205A Church Bay Road, Waiheke Island. The application is currently being assessed."

"We are unable to indicate when a decision will be made or provide any further details until a decision has been made."

The indoor heated pool offers views over Rangitoto - or a spot of telly.
The indoor heated pool offers views over Rangitoto - or a spot of telly.

The property is considered one of New Zealand's finest with its colonial style home modelled on the exclusive Kauri Cliffs estate in Northland.

Also in the neighbourhood are homes belonging to New Zealand's richest man Graeme Hart, and former All Blacks coach Sir Graham Henry.

No expense has been spared at the designer home with manicured gardens and Hauraki Gulf views.
No expense has been spared at the designer home with manicured gardens and Hauraki Gulf views.

Marketing material describes the estate as featuring fine French oak, limestone sea shell tiles and granite with decor styled by interior designer Anna Desbonnets.

There is a self-contained guest suite, luxury indoor swimming pool and a winery with fermentation tanks, barrel room and visitor's tasting room.

No expense has been spared throughout the fully automated home with an art gallery, home theatre, numerous ensuites and dressing rooms and a designer kitchen.

The home, built on a ridge-line to maximise views, overlooks Rangitoto and other islands of the Hauraki Gulf to Auckland.

It also has been designed to be environmentally sustainable with a thermally engineered concrete structure designed to capture and store natural energy.

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The large designer kitchen in the Church Bay Road estate.
The large designer kitchen in the Church Bay Road estate.

Agent Ross Hawkins of Sotheby's office in Parnell said the Church Bay property went under contract to a buyer in September last year.

The contracted sale price is not known but the Herald has previously reported the property as being worth $22m.

The luxurious estate was developed by interests associated with businessman David Parkinson, formerly of Cartridge World in Britain.

Parkinson owns three adjoining sites in Church Bay Rd, giving him a 25.8ha plot, flowing down to the water on one of the island's most pristine beaches at the western end of the island.

Property records show Parkinson owns the property with Deidre Susan Crawford and Parkinson & Crawford Independent Trustees.

The property was first put on the market four years ago after a business opportunity came up in the UK.

The September 2017 property deal and application to the OIO came just as the Government signalled changes to the Overseas Investment Act making it harder for non-residents to buy existing properties in New Zealand.

OIO data shows approval numbers dropped from 23 between January and March last year to 13 in the first three months of this year.

Additional reporting Anne Gibson