For sale again: Lake Waitaki Village

If you have ever wanted to own an entire village, now is your chance. Again.

The Lake Waitaki Village on Otematata-Kurow Rd, Kurow, is made up of a 585sq m lodge, five studio suites, a cafe and bar with a car park, and eight three-bedroom homes.

It was built in the 1930s to house people working on the Waitaki Dam, which is now automated, and was once home to thousands of people. The wooden huts that housed many of them have since gone.

Two of the homes have been refurbished in recent times.

The property was listed for sale almost 10 years ago but did not sell despite a flurry of international attention in 2018.

Now, the property is listed for sale again, asking for buyer inquiries over $2.9 million.

It was last sold in 2001 for $294,000.

One Agency Oamaru real estate salesman Alan McLay said there had been significant interest in the property already.

He said it had been developed a decade or so ago by the current owner but that had not progressed.

"There was a full-blown restaurant there that was operational and going, there was some accommodation — not as much as there is potential for — and lots there, but it all got lost by the wayside really.

"The timing now is so different. We’ve got Twizel at the top has really become like a wee Queenstown, then down to Omarama, it’s almost like a little Wānaka and then Otematata and it’s flying ... and then further down you have Waitaki where we’re talking about. The progress is moving slowly down the valley. I think the timing is right for this one now."

He said it would suit a buyer who was interested in running it as accommodation.

"Last time, we went viral — when we listed it, it went crazy.

"Now, the vendors are very motivated to sell — all of a sudden in the last two or three days interest is really cranking up all around the place, quite a bit from Australia."

Mr McLay said it was a unique opportunity but not for the faint-hearted. "There’s still a lot to spend after you’ve bought it."

It was built in the 1930s to house people working on the Waitaki Dam.

There was the potential for subdivision of the property to sell off some of the houses, he said.

There could also be boat ramps put into the lake.

"The vendor has done work with the council to look at the possibility of subdividing some of the property off and selling it.

"It could be a marvellous little holiday resort."

Opes Partners resident economist Ed McKnight said it could be a good investment but would not suit everyone.

"Properties like these are very difficult to sell. The pool of potential buyers is very small. The property appears to have been listed in 2016 and spent two years on the market before the listing went viral.

"The fact that the listing languished online for two years shows that these properties don’t get a lot of interest so are hard to move for a premium price," he said.

"Then, even after garnering international attention, the property still didn’t sell. Yes, the vendor decided to pull the listing. But, every seller has their price. This shows that even with a large international marketing campaign the listing couldn’t get an acceptable offer that went through.

"I think the seller is right that any buyer needs vision. Because it would take significant money and time to get the property to the point where those big visions could be realised. Whether that is a luxury holiday destination or a conference venue."

He said the advertising was right that it was not every day that a buyer could purchase a whole town.

"This story shows that it also isn’t every day you find someone who wants to own a whole town."

By Susan Edmunds