A large development site in central Taupō with uninterrupted lake views to the mountains of Tongariro National Park has been put up for sale for the first time in a century.
The lakefront property at 48 Lake Terrace, on the edge of the North Island tourist town’s central business district, is being hailed as the most exciting development opportunity to come on the market in Taupō for years.
Located on a high-profile corner, the property has been owned for nearly 100 years by the same family, which lived in a house occupying one corner of the site for many years.
The property is now being marketed for sale by way of a tender closing on 20 November, through Bayleys Taupō.
Salesperson Brendan Gallagher said the property at 48 Lake Terrace consisted of three lots over two freehold titles with a total land area of 2,630 square metres. The site contained a 210-square metre, two-storey house with a single garage.
However, Gallagher did not expect the house – which has been vacant for a number of years – to last long once the property changed hands.
“The true potential of this property is as a development site, the likes of which the Taupō market has not seen for some years. Without question, this site is the most asked-about property in Taupō by visitors and locals alike,” said Gallagher.
“To see such a sizeable landholding sitting largely vacant in such a prime spot, begs big development questions. This is the most exciting development opportunity that has presented itself to the market in recent years.”
The property at 48 Lake Terrace has frontages onto three busy streets – Lake Terrace, Ruapehu and Roberts streets. Access is currently available from Lake Terrace on the waterfront side and Roberts Street one block back.
“The view from the site is the ultimate lakefront vista – extending right across New Zealand’s largest lake to the World Heritage-listed volcanic mountainscapes of Tongariro National Park. In fact, the property looks directly over the lakeside #loveTaupō sign which is a favourite prop in thousands of visitors’ photos,” said Gallagher.
“It’s a stunning, uninterrupted view that is set to stay that way. It cannot be built out, as the land between the property for sale and the water is lakefront reserve.”
The Lake Terrace property is split between two planning zones. The title at 48 Lake Terrace is zoned High Density Residential under Taupō District Council’s district plan, allowing for development up to a maximum height of eight metres.
Part of the second title at 63 Roberts Street shares this same zoning, with the remainder being zoned Taupō Town Centre Retail Expansion Precinct.
Gallagher said this zoning would lend itself well to the development of new apartments or visitor accommodation capitalising on the location and view, with the potential to combine this with ground floor retail premises over part of the site.
Nearby properties are a vibrant mix of major retailers such as Briscoes and Farmers, large franchise food outlets including KFC, Burger King and McDonald’s, other dining and entertainment outlets, visitor accommodation and apartments.
A site across the road on Roberts Street, currently used for car parking, is being considered for construction of new council chambers and administrative offices for Taupō District Council.
Gallagher said Taupō’s popularity as a year-round destination for domestic visitors, easily accessible to the bulk of the North Island’s population, had helped insulate the local economy from Covid-19 impacts.
“The local visitor economy has performed strongly amid restrictions on international travel.
“A major increase in Kiwis holidaying at home drove a significant bounce-back after the national lockdown,” Gallagher said.
Visitor accommodation in Taupō had the best occupancy rates in the country in July, according to the Accommodation Data Programme.
The town’s accommodation providers enjoyed an overall occupancy rate of 68 percent, well above the 42 percent posted nationally. Its larger motels, in particular, led the charge with 85 percent occupancy.
Marketview spending data showed that consumer spending in Taupō during the July school holidays was about 18 percent higher than the same period last year.