The first tranche of large lifestyle blocks within a newly-created residential enclave nestled among the picturesque valleys and hills near the Central Otago township of Cromwell have been placed on the market for sale.
Positioned above the turquoise waters of the Kawarau River and close to idyllic Lake Dunstan, the development – known as River Terrace – contains some 17 sections. The first five River Terrace blocks being placed up for sale range in size from 1.94-hectares up to 2.51-hectares and have a starting price of $975,000.
The plots for sale within River Terrace – located just three kilometres from Cromwell’s central business and main street retail hub - will be accessed off a sealed roading network with landscaped entry features, boundary hedges and street trees such as oak, maple, cherry and elm to enhance the environmental vista of the area.
Cromwell and the River Terrace enclave are located just 45 minutes from Queenstown’s regional airport, and 35 minutes from Wanaka town centre. Across the Kawarau River running near the boundary of River Terrace is the charming historic town of Bannockburn - famous for its world-class wineries and fantastic cellar doors and restaurants.
The large flat sections with stunning views of the surrounding mountains are now being marketed for sale through Bayleys Queenstown and Cromwell with the first sold within days of listing.
Salespeople Jimmy Allen, Jessica Coburn and Renee Anderson agree Cromwell and neighbouring towns in the Lakes Dristricts are blessed with a wealth of recreational assets, including five ski fields within a comfortable driving distance, numerous golf courses, multiple lakes, dams and rivers, and an extensive network of cycling and walking tracks.
Physical works at River Terrace to install infrastructure and roading is about to begin, with landscaping already underway and individual section titles expected to be issued in 2022. Coburn said flexible design and building control guidelines encompassing premises within River Terrace would protect the quality of the neighbourhood. “The design guidelines also embrace the lifestyle of the area – allowing for multi-bay barns to store all of the family ‘toys’ or for the storage of light industrial vehicles such as tractors for hauling the boat in and out of the water,” she said.
Central Otago District Council’s 10 Year Plan 2018-2028 notes that the locale currently has one of the lowest regional population densities in New Zealand – with an estimated 20,300 people living in the area in 2017. The council’s report predicts this is about to change rapidly in a period of population and infrastructure growth.
“Projections indicate that in 2048 we will have 25 percent more people in the district than we do in 2018. This growth will be concentrated in the Cromwell area, where there will be 35 percent more people,” said the Central Otago District Council planning report.
Allen said it was foreseeable that many of the lifestyle blocks for sale within River Terrace would be purchased by existing Cromwell residents looking to move out to bigger properties, but still be part of the town’s wider community. The flow on affect is their town dwellings would come onto the tightly held market, enabling others to get on the property ladder.
“The River Terrace boutique neighbourhood will also appeal to those in neigbouring towns wanting more space or those wanting to establish a holiday home in the heart of Central Otago – taking advantage of Cromwell’s strategic axis-location at the centre of so many attractions and activities, yet being convenient to the bigger townships of both Wanaka and Queenstown.”