The owner of a 130ha development near Arrowtown believes an "emerging upswing" in the high-end real estate market could pay dividends.
Former Dunedin resident Alistair Jeffery bought a section at the Bendemeer development in 2006 and last September Mr Jeffery, the sole shareholder and director of Mount Farm Ventures, purchased the remaining 23 sections at the site.
In July, Dunedin property investor Paul Nicholson forfeited a $1.2 million deposit after failing to settle the balance of $10.8 million on the subdivision, near Lake Hayes.
His earlier private investment company, Hurricane House, went into liquidation early in 2009 owing investors $4.2 million.
Mr Nicholson started Bendemeer Trustees Ltd in April last year, in a bid to secure the subdivision deal, saying he wished to repay Hurricane investors.
Under Mount Farm Ventures, an Auckland-based buyer, who had previously bought a section, had a home being built, while the company was also looking to build two "spec homes" on the site this year, catering to the Australian market which was looking for house and land packages, rather than just bare land.
Three other sections had sold and were due to be settled, leaving 21 sections available for sale, which ranged in size from 0.5ha to just over 2ha, priced between $650,000 and $1.2 million.
Mr Jeffery, who is now based in Britain, said he was "thrilled" to see the new life put into the development and believed it was the ideal time to step up promotion of the development targeting investors both in New Zealand and offshore.
"The positive management and administration that has been put in place is clearly working and we're now well set to continue to attract owners for the remaining lots."
A local property management team ensured the ongoing presentation and maintenance of the estate, while a project management team had been put in place to assist potential buyers.
Mount Farm had also hired Queenstown resident Sarah Cairns to liaise with potential buyers, manage marketing and oversee the commercial operations of Mount Farm linked to the Woolshed, which was part of the farm's original cottage.
The schist stone building retained many original features including wool-sorting tables and farm machinery and was the winner of a New Zealand Institute of Architects Award following its completion.
It is now used as a sales and entertainment complex, available for hire. Two lodge rooms are available as accommodation.
"We're seeing a positive shift in property sales and most importantly, we want to remind people that Bendemeer is well and truly back ..." Ms Cairns said.
