A new release of about 30 lots in a Waitaki Valley viticulture subdivision will add substantially to New Zealand's newest grape-growing area.
Waitaki Valley Estates has put the Cricklewood stage 1 and 2 subdivision just west of Kurow on the market, having just obtained titles, with lots ranging in size from 4ha to 8ha and priced between $196,000 and $1.2 million, plus GST.
The lots are a mixture of lifestyle and viticulture blocks and cover a total of about 190ha on north-facing slopes in the Grants-Domett Rds area just off State Highway 83 between Kurow and Duntroon.
Waitaki Valley Estates vine-yard manager Steve Harrop said, when contacted yesterday, the subdivision was the biggest single number of lots offered so far in the Otiake area, just west of Kurow.
In previous subdivisions, 31 lots had already been sold and four are under offer, he said.
Grapes have been planted on a number of the lots and three houses are at present under construction.
Mr Harrop said the continued development of the area for viticulture was realising the vision Dunedin entrepreneur, the late Howard Paterson, had for the area when he established the Doctor's Creek vineyard in 2002.
Mr Paterson noticed the limestone escarpments in the area and, after research, saw the potential for viticulture back in 2000.
Since then, 65ha of pinot noir and aromatic white grapes have been planted by wine industry leaders.
"We have specific micro-climates, as well as limestone-rich soils usually associated with the premium red wines of Burgundy in France," Mr Harrop said.
Otago pinot noir was now second only to Marlborough sauvignon blanc as a globally recognised New Zealand wine variety, which was encouraging investment in the Waitaki Valley.
The sales are being handled by Belle Property and will be promoted for the first time in Christchurch at a free information evening on May 14.
Marketing agent Wendy Mayson said the investment offered affordability, superior returns, lifestyle, stunning scenery, the romanticism of wine and the possibility of an individual wine label.
The in-going cost per hectare was about a third of the price of Marlborough and forecast returns were better than dairy farming.
"This is prime viticulture land, already producing great wine and with a return on investment estimated by the manager to be about 20% per annum over a 10-year investment period."
