About 520ha of the 800ha McArthur Ridge site has been offered for sale, casting a pall over one of Central Otago's biggest proposed developments.
Frank Skinner, the real estate agent selling the land on behalf of the mortgage holders, yesterday said the "rerelease" of the lots was "sadly, a symptom of the depressed economy".
The mortgage holders wanted to protect their positions and the focus had shifted to find buyers who might be keen to continue the plans for the site, Mr Skinner, of Harcourts Arrowtown, said.
Those plans were confirmed in 2008, when the Central Otago District Council granted a plan change to rezone 846ha of the area for a resort incorporating accommodation, an 18-hole golf course, and a hotel-lodge.
Up to 1300 residential homes and holiday homes were also proposed in what was called one of the most significant developments in Central Otago in decades.
Mr Skinner said about 520ha of the land would be sold in 19 lots. The land is owned by Central Otago Pinot Noir Estate and Thyme Fields.
Another 164ha over 18 titles, owned by hotel developer Melview (McArthur Ridge) Developments, was being sold by Bayleys Realty in another, unrelated, sale.
It is being marketed as being zoned for a hotel, golf course and residential development of more than 380 units, the Bayleys website confirms.
Melview commercial and legal affairs director Warwick Goldsmith could not be contacted and Bayleys agent David Murray could not confirm details last night.
Central Otago Pinot Noir Estate and Thyme Fields director Robyn Schultz yesterday declined to comment on the sales.
Canterbury Mortgage Trust consultant Graeme Reid confirmed neither Central Otago Pinot Noir Estate nor Thyme Fields was in receivership, but would not value their mortgages. He believed it was unlikely, in the short term at least, new owners would invest too heavily in large-scale property development.
Now was not the time to spend several million dollars in new developments, Mr Reid said.
Real Estate Institute of New Zealand Central Otago Lakes District branch Alexandra spokeswoman Anne Kinnaird said the mortgagee sale might be attractive to investors keen to buy at a "mortgagee sale price". However, she did not expect the rerelease to have a significant impact on the lifestyle property market because they were likely to attract people who wanted to work their properties.
The lifestyle property market was slow, but had picked up in recent months. However, there were still more properties on the market than buyers.
"But everything sells, for a price that the buyer and seller decide is fair at the time of the sale. It will be interesting to see how these fare."
