New, Affordable Resort Apartments One-of-a-Kind in Otago
29 October 2015
Forty-seven refurbished holiday apartments are being offered for sale in a lakeside resort development in Otematata, Waitaki Valley, neighbouring a golf course and Lakes Benmore and Aviemore in the South Island of New Zealand.
The apartments, which are part of what is currently known as the Otematata Lakes Hotel, offer what is probably the cheapest way to acquire an as-new lakeside holiday property in the entire Otago region, says Savills agent Jeremy Kelleher.
“The whole complex is getting redeveloped and rebranded as Lakeside Resort, offering a new holiday accommodation and investment product to the market. Our research hasn’t uncovered any comparable holiday houses on offer in this price range and of this quality anywhere else in Otago and possibly all of New Zealand.”
The one and two-bedroom, self-contained apartments are for sale as individual stratum in freehold titles. One bedroom apartments are offered at $115,000 and two bedroom properties for $125,000.
Their location on a golf course and just 500m from the shore of Lake Aviemore and Lake Benmore makes them a perfect base for leisure, Kelleher says. “Otematata is one of the country’s best kept secrets and offers golf, fishing, boating, water sports, hiking, hunting and mountain biking among other activities.”
Refurbishment is underway on the apartments and the resort’s on-site restaurant/bar complex, with completion due in stages between February and July 2016. Around 20 potential buyers have already shown strong interest, he says.
Purchasers can keep their own apartment for personal use, have resort management rent them out as holiday accommodation, or a combination of both – offering the dual benefits of a holiday house and income-generating investment, says Kelleher.
“It’s an excellent opportunity to own your own resort apartment, with the option to rent it out without the hassle of management complexities.”
The apartments include a share of common facilities including laundry and car parks. They are between 30sq m and 58sq m in size, fully furnished and self-contained with kitchens and bathrooms.
The apartments are located right on the golf course, Kelleher says. “The first tee is right outside your door which is great for golf enthusiasts as well as people looking for a quiet retreat away from the rat race with beautiful mountain views.”
The 1.1ha site is walking distance to Lake Aviemore (which links to Lake Benmore), with a boat ramp 500m from the property. There is also a convenience store across the road from the property.
Otematata is just 17 minutes’ drive from Omarama, which offers hot pools and a well-known gliding centre. Queenstown International Airport is two hours and 15 minutes’ drive away.
