Bendemeer Showhome Sale Significant for Development
Bendemeer Showhome Sale Significant for Development And Queenstown Market
The rapid sale of the first house-and-land-package at Bendemeer is a further lift for the premium residential lifestyle development and a boost to Queenstown’s rural real estate market.
The stunning architecturally-designed Contemporary Barn, the first show home built at Bendemeer, has been sold at asking price for $2.595 million – going under contract just 14 working days after hitting the market, and unconditional on September 23.
The price is the fourth highest achieved for a rural lifestyle property in the 2014 calendar year, according to REINZ statistics.
The sale is another milestone for Bendemeer, and is testament to the vision of entrepreneur Alistair Jeffery, Director of Mount Farm Ventures Ltd. Mount Farm Ventures acquired 24 sites within Bendemeer in 2011 after the original development went into receivership and has since transformed the former working farm into some of the region’s most sought-after real estate.
“Bendemeer is now a growing community of passionate residents and with lifestyle blocks exposed to unrivalled 360 degree views of the Wakatipu Basin, it is very much in-demand real estate. The strong response to the completion of the Contemporary Barn show home reflects this, and supports our belief that there is a need for top-quality turn-key house and land packages at Bendemeer,” Jeffery says.
Progress at Bendemeer is accelerating, with two more land sale contracts going unconditional this week. Three more turnkey house and land packages are also due to get underway shortly.
“We’re getting strong interest from the Auckland, expat and local markets, and our strategy of supporting land prices whilst the market recovered is now paying off, with buyer confidence quickly increasing,” Jeffery adds.
"The signal people are looking for is that pricing at Bendemeer is being supported, and buyers are increasingly confident in future property price growth and strong governance within the development.”
The Contemporary Barn was sold by Luxury Real Estate New Zealand’s Arrowtown office and handled by directors Terry Spice and Nick Horton.
“Demand for premium-located, quality builds such as the Contemporary Barn at 11 Bendemeer Lane is something we are always looking for,” Spice says.
“It has been an issue within the region for several years that there is not enough well-priced, architectural homes on the open market. Bendemeer is now starting to compete with the buyer pool that has traditionally purchased within Millbrook.”