Mortgagee sale of resort hotel site

One man’s big dream for a 200-bed, five star resort hotel and residential development flanking the Gulf Harbour Country Club and Golf Course on the Whangaparaoa Peninsula north of Auckland may be over, but the opportunity now exists for a bold investor to acquire the premium piece of land and either run with the original vision – or create a new one.

The 2.4357 hectare parcel of land known as the Matapia Block was owned by Blue Chip Group property empire co-founder Mark Bryers’. When Blue Chip collapsed last year owing investors at least $80 million, the bubble burst on the planned hotel development and now the land is back on the market.

Bayleys is handling the sale of this strategic landholding on instructions from the receivers Deloitte, who are acting on behalf of the mortgagee FP Holdings Limited (In Receivership). Tenders close on 17 September.

Michael Pleciak and Ben Bayley of Bayleys Auckland along with Bruce Truscott of Bayleys Orewa are marketing the grassed vacant site which has dual road frontages to Gulf Harbour Drive and Pinecrest Drive.

The freehold vacant site is in two titles and is located on the eastern side of Pinecrest Drive at the intersection of Gulf Harbour Drive and approximately 300 metres south of the town centre.

“The site is essentially semi-circular following the curve of Pinecrest Drive on the western boundary,” says Pleciak.

“It has a gentle contour with a very gradual slope towards the golf course from west to east. Views are of the back nine of the Gulf Harbour Golf Course and the driving range while the northern portion of the land looks out to the surrounding residential development.”

Approved Comprehensive Development Plans (CPDs) and Resource Consent were granted to Bryers (subject to conditions being met) back in 2007 and he intended building a resort hotel with 200 guest rooms, conference facilities, a restaurant and cafe/bar along with 45 residential villas of varying sizes and heights.

Comprehensive architectural and schematic plans were drawn up for the site by Warren and

Mahoney and Pleciak says these are available for perusal by interested buyers.

“To be honest, this was a grand plan on a luxury scale and given the current economic climate, perhaps quite ambitious. However, the land has an inherent long-term value given the residential growth in the Whangaparaoa area in recent years and with consent already in place for 45 residential villas, perhaps the way forward is to build these over the whole site allowing each one more land than was originally proposed,” says Pleciak.

“Naturally, the usual compliances would need to be sought and gained through the appropriate channels but this is only one possibility.”

Another possibility that could be explored by investors is that of retirement living with Pleciak saying that Gulf Harbour, in general - with its temperate climate, proximity to Auckland and well-developed infrastructure - coupled with the easy contour of the subject site and the neighbouring Golf Course and Country Club, could make it ideal for such a project.

“As a location, this piece of land has a lot going for it and an investor with vision and an eye on the future will recognise that and take advantage of the circumstances leading to its current sale,” says Pleciak.

Development planning for the site comes under the Rodney District Council Proposed District Plan 2000 and the site falls within the Special 18 Gulf Harbour Zone, Marine Village Residential Policy Area, Precinct 2 – Country Club Village.

The Gulf Harbour Marina is one of the largest in Australasia with approximately 1000 existing berths for vessels up to 22 metres. Further, the planned Hobbs’ Wharf and associated waterfront development for the eastern side of the Gulf Harbour Marina – formerly known as the Eastern Boat Harbour – is set to provide further facilities for residents and visitors. The development will comprise up to 2000sq m of retail, restaurants and cafes along with 1000sq m of office space and 100 hotel rooms.