Money is in the air and on its way to Waiheke. This summer, rich-listers will be flying in by helicopter for lavish holidays at the island’s hidden clifftop estates and beachfront retreats. For some Waiheke homeowners, a few weeks of Christmas and New Year bookings can generate enough income to fund a luxury overseas escape of their own.
The island’s booming high-end accommodation market has become a lucrative sideline for owners of some of New Zealand’s most valuable homes. But even among Waiheke’s collection of luxury retreats, one property is in a class of its own.
A nine-bedroom beachfront compound in Boatshed Bay is available to rent for up to $15,000 a night, making it the most expensive holiday home on Waiheke. Known as The Palm Residence, the estate offers a glimpse into the ultra-luxury end of the market that agents say is attracting a growing number of wealthy international travellers.
The 4.5ha property near Palm Beach boasts a main residence, two guest suites and a pair of three-bedroom villas. Designed by renowned architect Andrew Patterson, it was completed six years ago and has an RV of $30 million, one of the highest on the island.
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The estate was purchased in 2014 for $14.25m from trusts linked to financier Mark Hotchin.
Hotchin made headlines in 2006 when he paid $13.85m for the site, then occupied by a dated 1980s mansion. Plans for a replacement home included a gym, spa, swimming pool and tennis court. After acquiring the property, the current owners allowed the original house to be burned down as a training exercise for Waiheke’s volunteer fire brigade before construction began on the new Patterson-designed residence.
The Palm Residence has nine bedrooms and can accommodate 22 guests. Photo / Supplied, Boulevard
The property has an RV of $30m, one of the highest on the island. Photo / Supplied, Boulevard
Amenities include a tennis court, an outdoor pool, and a tree house, as well as top-of-the-line appliances and fittings. Photo / Supplied, Boulevard
In a video for Australasian design platform The Local Project, Patterson and project architect Richard Andrews described the estate as a family resort defined by understated design and carefully considered detailing. Its clustered, pitched-roof forms reference the traditional boathouses that dot the coastline, reinterpreted in concrete, glass and finely crafted timber battens.
Bedrooms and living spaces are arranged around a resort-style swimming pool courtyard. Throughout the home, brass detailing features prominently on the entry door, kitchen cabinetry and bathroom fittings, complemented by leathered stone benchtops and Belgian bluestone finishes.
The property also features a tennis court, beach bar with barbecue facilities, indoor and outdoor fireplaces, and direct access to the beach.
OneRoof contacted the owners, but they declined to comment.
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Tobias Roebuck-Ward, of Waiheke Homes and luxury rental company Waiheke Pure, said The Palm Residence was comfortably the island’s most expensive short-term rental.
“Usually other estates ask from $2500 to $5000 a night in peak summer; some may get up to $10,000, but there is nothing else in that league,” he told OneRoof.
By comparison, Putiki Estate, which has a seven-bedroom main house, two-bedroom cottage, swimming pool, media room, pétanque court and hot tub, commands up to $6000 a night during the summer peak.
Roebuck-Ward said many owners of luxury properties were happy to rent them out while they were not in residence. “It comes down to money. People are happy to forgo the Christmas-New Year dates so they can bring in a massive, great chunk of cash,” he said. “For a lot of people, that pays for them to fly first class to Europe.”
He said Waiheke Pure’s portfolio had grown from 10 properties to more than 30 as international visitor numbers surged. “Our dollar is so cheap, so the spending is wild.”
The Palm Residence is metres from a hidden beach and overlooks the bay. Photo / Supplied, Touch of Spice
Formerly Boat Shed Bay, the property was once owned by trusts linked to Mark Hotchin and sold to the current owners in 2014 for $14.25m. Photo / Supplied
This summer, some ultra-wealthy guests are arriving with staff in advance to prepare the property before the family lands. “They stay in a guest cottage on the estate, the family in the main house, and their own staff run the house rather than an Island-based crew,” he said.
“The family just turn up on the day in their helicopter.”
Roebuck-Ward said rental income was often part of the equation when buyers considered purchasing a high-end holiday home. “It’s always a consideration for them if it is not the main residence. That is a big part of our service; we package it up: they buy the house, we manage it all for them from start to finish.
“One of our properties has got $40,000 worth of bookings, just for December.”
New Zealand Sotheby’s International Realty agent Ross Hawkins, who is marketing land at Wawata Estate overlooking Boatshed Bay, said many owners of luxury homes rented them out during the busy summer season before heading elsewhere for their own holidays.
Te Whau Lodge, another luxury accommodation property on Waiheke Island, is up for grabs. Photo / Supplied
“They have other things to do and prefer to be on Waiheke when it is quieter,” he said.
Hawkins said Waiheke had become a regular stop for international luxury travellers, often booked through concierge operators such as A Touch of Spice as part of wider New Zealand itineraries that included the Bay of Islands, Hawke’s Bay, Queenstown and Wānaka.
Purpose-built luxury accommodation businesses also come onto the market from time to time.
New Zealand Sotheby’s International Realty agent Pene Milne is marketing the well-known Te Whau Lodge at 36 Vintage Lane, overlooking Putiki Bay, with asking price expectations of $7.5m plus GST.
The 5.92ha property includes six bedrooms, two of them designated as staff accommodation, and is being pitched as either a hospitality business or a private multigenerational family retreat. Large entertaining areas can also accommodate corporate events and wellness retreats, while a commercial-grade catering kitchen adds further flexibility.
Te Whau Lodge last sold in 2021 for $6.47m before undergoing a substantial refurbishment. The owner also acquired another upmarket rental property, Lantern House. When the lodge returned to the market in 2023, it was primarily aimed at offshore buyers but did not sell.
During its years of operation, Te Whau Lodge won Tripadvisor’s Best of the Best awards for both Luxury Hotels and Small Hotels. The property is about a 15-minute drive from both Te Whau Vineyard and the Waiheke ferry terminal.
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