An overseas buyer said to be frustrated with the cost associated with buying one of New Zealand's most exclusive properties has withdrawn their application to purchase.

Te Rere Cove on Waiheke Island is back on the market after the foreign buyer withdrew their application with the Overseas Investment Office.

The sprawling $20m+ mansion and adjoining vineyard at 205 and 205a Church Bay Road went under contract in September last year.

Views from the front veranda at the estate at 205 Church Bay Road. Photo / supplied.
Views from the front veranda at the estate at 205 Church Bay Road. Photo / supplied.

It is understood the overseas buyer had spent an estimated $500,000 in the process of attempting to purchase the sensitive land and was frustrated with the time and associated cost.

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A spokeswoman for the Overseas Investment Office confirmed this week it was in the process assessing the Church Bay Road estate "however, the applicant withdrew the application."

The OIO is a specialist unit within Land Information New Zealand that assesses applications from overseas investors to buy land.

FOR MORE PROPERTY NEWS AND LISTINGS GO TO ONEROOF.CO.NZ

Those wanting to purchase New Zealand's sensitive land must get consent. It involves rural land of more than 5 hectares, and land of more than 0.4ha adjoining conservation areas or the foreshore.

In August the Overseas Investment Amendment Bill placed tougher criteria on foreign investment in rural land.

More emphasis was put on the importance of benefits for New Zealand such as jobs, new technology and business skills, increased exports from the purchase of New Zealand land.

It also banned foreign buyers from buying existing residential and lifestyle properties.

In the past residential land fell outside the OIO so there was little data on the number of foreigners or their agents buying Auckland apartments and homes.

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The countries with the highest approved investment in New Zealand this year included the United States at more than $480m, Hong Kong at more than $305m and Switzerland at more than $145m.

As soon as the application for the Church Bay Road property was withdrawn the property was back on the market and listed with multiple agencies.

"Interest has been high," one said.

Te Rere Cove, Church Bay Road, Waiheke Island. Photo / supplied
Te Rere Cove, Church Bay Road, Waiheke Island. Photo / supplied

Marketing material describes the 6 bedroom, 7 bathroom property, modelled on the famous Kauri Cliffs Lodge at Matauri Bay, as one of New Zealand's finest.

The home, modelled on the famous Kauri Cliffs Lodge, has a chef's kitchen and scullery. Photo / supplied.
The home, modelled on the famous Kauri Cliffs Lodge, has a chef's kitchen and scullery. Photo / supplied.

No expense has been spared in the development of the estate which features French oak, limestone sea shell tiles and granite with decor styled by interior designer Anna Desbonnets.

The adjoining vineyard at 205 Church Bay Road produces syrah and chardonnay. Photo / supplied.
The adjoining vineyard at 205 Church Bay Road produces syrah and chardonnay. Photo / supplied.

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

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, running down to the water on one of the island's most pristine beaches at the western end of the island.

The home features 6 bedrooms, 7 luxury bathrooms and his and hers dressing rooms. Photo / supplied
The home features 6 bedrooms, 7 luxury bathrooms and his and hers dressing rooms. Photo / supplied

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

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

Other features of the Church Bay Road estate include:

• Home theatre, den, wine cellar & tasting room with elevator servicing all floors in main house

• Landscaped gardens & lawns with helipad

• Self-contained guest suite with decks

• Emergency generator, bore

• Sprawling 14ha (approx.) waterfront estate in two titles with vineyard & boutique winery complex

• 6 bedrooms & 7 bathrooms with ensuites and dressing rooms

• Second title allows for another house to be built

• Plantation style 1800sqm home with Hauraki Gulf views & water access

• Chef's kitchen with scullery & family living area with gas fireplace

• Indoor swimming pool & dining conservatory with open fireplaces