Six weeks a year, every year, in a $30 million luxury Queenstown house overlooking Lake Wakatipu and the Remarkables.
Yours for just $3.75m.
In a new type of ownership model for New Zealand, buyers are being offered a fractional share of a planned 900-square-metre-plus holiday home. The house, named Pārore, would be built in a gated subdivision on Ben Lamond, just above Glenorchy-Queenstown Rd.
Promotional material calls it “possibly New Zealand’s finest home”.
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Eight shares in the elevated Forestlines Rise property are being offered for sale. The advertising material boasts expansive views, four bedrooms, five bathrooms, large decks, an infinity plunge pool, integrated solar power, a sauna, and a gym. On hand for use would be an Audi e-tron electric car and a waterski boat.
“Each owner will get 45 days annual use and lifetime of pleasure,” the advertisement enthuses.
Fractional property ownership is common in places such as Europe, where owners sometimes have a share of several holiday homes in different locations.
The scheme differs from the established timeshare model, which typically gives buyers a share of the usage rights, rather than part-ownership of the property.
Ray White real estate agent Ross Hawkins, who is marketing the Queenstown house, said four of the eight shares would probably need to sell for the project to go ahead.
Construction could start this year and would take 18 months, he said.
He expected wealthy Kiwis and Aussies, and perhaps some companies, to show an interest.
“It’s not a timeshare. They’ll all have their own separate title of an eighth share in the property.
The ownership model would allow overseas buyers to purchase New Zealand property, he said.
Hawkins said the buyers would each get a fortnight’s access in both summer, and winter, plus a fortnight in spring or autumn. Dates could be swapped, and usage in popular times such as Christmas would be rostered.
The co-owners would be able to buy or sell their share in the house, with the price of the title dependent on the property’s value.
Co-owners would also pay into an ongoing fund to meet maintenance, insurance, rates and management costs.
Ten of Queenstown’s best-kept secrets. (File video, first published October 1, 2021).
The company behind the project is Australia-based B Group, headed by Kiwi entrepreneur Andrew McIntosh.
B Group also hopes to develop a luxury lodge on the section next door, and is in the process of buying both sites from Cyprus-based businessman Lev Papoyan, who paid $4m for the two properties in 2018.
Papoyan’s plans for luxury houses on the site were given resource consent by the Queenstown Lakes District Council in 2018, but they were not built.
Other B Group luxury development projects in the Queenstown and Wānaka area include the Waimarino Lodge at Bob’s Cove.
Andrew Logan, a property lawyer with Mortlock McCormick in Christchurch, said fractional ownership schemes were not unheard of in New Zealand, but were new and not common.
He said buyers in a such a scheme needed to make sure their asset would be protected, and there was an exit strategy if they needed or wanted to sell.
“The pros and cons are essentially around control. What rules are put in place as to how it is run?
“You will only ever own a portion of the whole and you are reliant on whatever is put in place. You’d need some kind of a body corporate or management committee.”
Logan expected the sort of people attracted by such a scheme would be motivated by the lifestyle, and might not be so concerned about capital gain.
Anyone taking up the scheme would be rubbing shoulders with well-to-do neighbors.
One buyer paid $16.1m for a property on the Forestlines Rise last year. Another home on the street is listed as a luxury holiday home at a price of $1450 a night.
The average value of a home in Queenstown Lakes district, according to Quotable Value, is $1.6m.
The dearest home sold in New Zealand last year was a house on Mooney Rd in Queenstown, bought in August for $18.25m by a Whanganui-based trust called Matagouri 2021 Ltd.
The dearest Kiwi home ever sold is thought to be a seven-bedroom clifftop mansion fronting Paritai Drive in Auckland, bought for $38.5m in 2013 by businessman Deyi Shi, the chairman of Oravida Group.