A pastoral landholding pivotally located around 5km from the Rotorua CBD, with potential to support the city’s growth trajectory, has been placed on the market for sale with a range of purchasing options on the table.
Bonnington Farm is a freehold 49-hectare landholding with minimal improvements in Aquarius Drive, Kawaha Point on the northwest shores of Lake Rotorua.
It is held in four separate but contiguous titles and has been in the same family ownership for more than 100 years.
The flat to gently contoured land has a natural outlook towards Lake Rotorua, and has a favourable future zoning overlay conducive to a master-planned medium-density housing development for up to 400 homes of mixed typology.
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Currently zoned Working Rural, the landholding has been Identified as a logical extension to the city’s future urban area under the Rotorua Future Development Strategy (FDS), a strategic long-term growth plan developed by Toi Moana Bay of Plenty Regional Council and Rotorua Lakes Council.
The land is being sold via an expression of interest campaign with Bayleys, closing 4pm, Thursday 12th March, unless sold prior.
Wesley Gerber of Bayleys’ land development team says with its long-term family owners planning to exit, and the single ownership structure streamlining the path to acquisition, this is a standout regional development opportunity with scale.
“Bonnington Farm lies in one of Rotorua’s few designated future growth areas and bounds the city’s existing urban environment.
“Recognised as a priority growth area in the FDS, and earmarked as ‘future residential’ in council planning maps, the landholding has excellent arterial connectivity, will leverage council-backed infrastructure initiatives, and has a scenic lakeside outlook enhancing its residential appeal.
“This is a strategic site, and astute development entities looking for greenfield opportunities in the region will recognise the value to be unlocked here.”
Gerber says the farm’s family owners would be open to a range of purchasing options which provides a level of flexibility for prospective buyers.
“We’re encouraging interested parties to engage with us to explore pathways to acquisition. The owners will consider various purchase and settlement scenarios which could appeal to developers taking a medium-term view, with the added benefit of single ownership which smooths the path to a master-planned development approach.”
Rotorua’s broad and resilient economic base, enduring tourism credentials, and demographic trends are driving demand for housing, with astute developers looking for opportunities to contribute to the city’s residential growth.
Damien Keenan of Bayleys Rotorua’s commercial team says Rotorua Lakes Council is pro-development, and Bonnington Farm is seen as a viable and sensible site to facilitate much-needed new housing stock.
“The Rotorua District’s population is circa-78,000, with forecast population growth of 90,200 by 2053. Clearly, more housing will be required and Bonnington Farm is positioned close to emerging commercial precincts offering employment and retail advantages.
“It is also adjacent to the proposed Summerset retirement village and directly adjoins the Aquarius Drive Reserve and the Rotorua lakeside trail network with extensive frontage to the Ngongotahā–Rotorua Cycleway, providing recreational benefits for future residents.”
With New Zealand’s tourism rebound continuing and as government/private investments flow into regional growth, Rotorua is positioned for sustained economic expansion.
“This in turn supports property development opportunities,” says Mark Slade, Bayleys Rotorua.
“Central government and local government are championing greater housing supply and intensification in growing cities. Bonnington Farm has the potential to be a cornerstone project in Rotorua through the creation of a well-connected and vibrant medium-density neighbourhood.”
- Supplied by Bayleys
