Kawarau River Station, one of the Wakatipu Basin’s most significant freehold land blocks sold on July 4 for $8,050,000 at a high profile auction at Ray White Queenstown’s Church Street offices.
The station was bought by Queenstown Farm Ltd, a company associated with the Porter brothers, well-known developers of Queenstown’s Remarkables Park and Shotover Park and the company behind a proposed Convention Centre in Frankton.
The impressive high country station was initially taken to the open market for only the second time in its history late last year and has received “unprecedented interest”. Today’s mortgagee auction was on behalf of the second mortgagee Aston Investments Ltd
Local realtor Bas Smith said the auction went “incredibly well” attracting widespread interest from New Zealand and Australia, as well of course local developers and potential buyers.
“It’s been a busy few weeks to get to this point. It’s great we’ve managed to get a good result for the mortgagee,” said Mr Smith.
“She’s an iconic and beautiful property and the new owner is over the moon to have secured a property of this size, location and nature,” said Mr Smith.
Ray White auctioneer Alan Lethbridge led the high profile and well-attended event which had 23 bids taken and many clients flying in especially for the auction. Bidding started at $6,000,000 until the successful last bid of $8,050,000 was taken.
Located at the foot of The Remarkables mountain range on the Kawarau River it is highly sought-after due to its position, natural attributes, 14km of riverfront land and its closeness to Queenstown. (See image above for indicative land boundaries.)
Kawarau River Station, historically known as Cone Peak Station, comprises an area of 1826 hectares of freehold property with an array of natural features along with two significant water sources – Rastus Burn and Owens Creek.
The Kawarau River forms the entire northern boundary of the property which over the centuries has formed lush rolling river flats and terraces which climb up into classic high country. All this crowned by Single Cone, the highest peak in the range and The Remarkables ski field.