It could be third time lucky for the man behind a proposed Alexandra subdivision.
Alexandra businessman Russell Ibbotson this week advertised 60 sections for sale at William Hill Estate, a former vineyard site opposite the Alexandra Golf Club and the Otago Central Rail Trail.
Twice before, in 2018 and 2022, Mr Ibbotson advertised the sections for sale and both times sold them all off the plan.
However, on both occasions the sales fell through — Mr Ibbotson did not have council consent for the subdivision and so titles to the sections could not be issued.
This time though, consent for the subdivision was granted by the Central Otago District Council, in February.
However, despite consent being in place, the timing was not as good as it was for him in the previous years, Mr Ibbotson said.
As several subdivisions were under way in the area there was a risk of oversupply — a contrast to the shortage that existed in 2018 — he said.
In his favour, unlike some others on offer, William Hill Estate was a "lifestyle" development.
"These sections are all over 2000sqm, which is a market that there is a demand for and there hasn’t been this sort of section available.
"And it’s right opposite the golf links.
"Kids can cycle down the rail trail to school and it’s easy for getting handy to sports grounds."
Mr Ibbotson said that to date he had spent more than $1million on the project.
"The thing is it’s all about timing.
"Subdivisions are high risk, high reward. And you can make a lot of money but my goodness, you can lose your shirt," Mr Ibbotson said.
In 2022 the Otago Daily Times reported the William Hill Estate being advertised for sale, saying it was the same land the council refused subdivision resource consent for in 2018.
At that time, Mr Ibbotson said an application for a plan change required for the subdivision had been lodged with the council seven months earlier but had not been granted.
The council was then adopting a new spatial plan for the area, which would provide for the subdivision, and plan change 19, he said.
The council issued its plan change decision a year ago.
The plan change was partially operable with some parts subject to ongoing appeals.
The council yesterday was unable to confirm whether Mr Ibbotson’s land was part of those appeals.
Mr Ibbotson bought the land in 2017 and initially intended to develop the 16ha block into 20 roughly 4000sqm titles, with two areas in common of about 4ha each which would adjoin each of the properties.
The subdivision was called William Hill Estate in recognition of William (Bill) Hill Grant, one of the original pioneers of wine in Central Otago, Mr Ibbotson said at the time.
Each section is now being sold for $545,000, including GST.
