A substantial 6.3ha estate on the edge of Martinborough, with existing spa retreat and event facilities and consent to sell down 13 villas on individual titles, has been placed on the market.
CBRE is marketing the land and buildings currently operating as the Brackenridge Country Retreat and Spa, at 62 White Rock Road, by expressions of interest closing 4pm, November 6.
The sale opens a unique opportunity to acquire a large freehold land holding with several future options for value enhancement, where investment and lifestyle can be combined, said Dharmendra Mistry, director of metropolitan investments at CBRE.
“This is a rare land and buildings offering just outside Martinborough, with scale and excellent future potential to operate a boutique events business while either retaining the villas as visitor accommodation, or selling them down as individual dwellings on substantial sites.”
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With new residential development opportunities around Martinborough constrained due to water infrastructure limitations, significant value is likely to sit in the existing resource consent, said Rick Stace, CBRE director of metropolitan investments.
“The immediate potential to sell down the 13 villas, which are all on large sites upwards of 1000sq m, is likely to be met with buyer demand for residences or holiday homes. The property’s spacious lifestyle feel, idyllic outlook and location just a few minutes from the central square in Martinborough are expected to have broad appeal.”
The villas are all well-presented and maintained, offering a high standard of residential or holiday accommodation with either two or four bedrooms. This is a key benefit in an environment where the cost of building new is still at elevated levels.
The remainder of the estate includes eight studio units, a day spa, an indoor heated 20m lap pool, gym and a central building with commercial kitchen, dining area and flexible conference, meeting and event spaces.
In its current configuration, the estate can host up to 64 guests, with quality kitchens and bathrooms, wood burners in several villas and units and a layout that provides privacy across the grounds.
First opened in 1999, the luxury retreat has an established track record in the wedding and corporate retreat markets, providing a strong base for an incoming owner, Mistry said.
“The purchaser could keep the estate running as a conference and wedding venue or reposition it as a boutique resort, wellness centre or even a retirement-oriented residential offering.”
The commercial building and eight studios enable a leaner events model than the current operations, which could be attractive to buyers looking to phase their sales strategy for the villas while maintaining income.
The size of the property means that even with the villa titles sold down, the residual 4.1ha lot provides ample space for multiple possible long-term holding and development options, said Stace.
“It’s quite rare to see a holding of this scale this close to Martinborough township, with full on-site amenity to support an immediate operating model while the buyer considers their future use of the site, which could incorporate development of additional buildings and facilities.”
The property’s location on the southwestern edge of Martinborough, 90 minutes from Wellington, places it in an excellent position to benefit from the area’s popularity as a tourism, lifestyle and conference and events destination, he said.
“The proximity to central Martinborough and its thriving food and wine scene, as well as multiple wineries nearby and the Lot Eight olive estate directly to the rear, make this property exceptionally well situated to capture business from weekend leisure visitors as well as the conferences and events market.”
- Supplied by CBRE
