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The Auckland developer Porter brothers today bought Kawarau River Station, a much admired Wakatipu Basin freehold land blocks for $8,050,000 at a high-profile mortgagee auction in Queenstown.
The Porter brothers have many interests in the area and developed both Queenstown’s Remarkables Park and Shotover Park at both end of the town's airport runway. They are currently seeking resource consents for a convention centre at the Remarkables Park development, which has brought them into conflict with the Queenstown Lakes District Council, which wants to build its own convention centre with financial help from the government.
Alastair, John and Robert Porter bought the Kawarau station via their Queenstown Farm Ltd company. Today’s mortgagee auction was on behalf of the second mortgagee Aston Investments Ltd
Ray White Queenstown realtor Bas Smith said the auction went “incredibly well,” attracting widespread interest from New Zealand and Australia.
“It’s been a busy few weeks to get to this point. It’s great we’ve managed to get a good result for the mortgagee,” Mr Smith said.
“She’s an iconic and beautiful property and the new owner is over the moon to have secured a property of this size, location and nature,” said Mr Smith.
Ray White auctioneer Alan Lethbridge led the high profile and well-attended event which had 23 bids taken and many clients flying in especially for the auction. Bidding started at $6,000,000 until the successful last bid of $8,050,000 was taken.
Located at the foot of The Remarkables mountain range on the Kawarau River it is highly sought-after due to its position, natural attributes, 14km of riverfront land and its closeness to Queenstown.
Kawarau River Station, historically known as Cone Peak Station, comprises an area of 1826 hectares of freehold property with an array of natural features along with two significant water sources – Rastus Burn and Owens Creek.
The Kawarau River forms the entire northern boundary of the property which over the centuries has formed lush rolling river flats and terraces which climb up into classic high country. All this crowned by Single Cone, the highest peak in the range and The Remarkables ski field.