Mortgagee sale of spectacular land offers new opportunity

A substantial freehold parcel of land with enviable rural and coastal views plus beach access on Gisborne’s city boundary has been taken to mortgagee sale as financiers step in to shore up the future of this unique land holding.

ASAP Finance Limited has appointed Rod Chrisp of Bayleys Gisborne to market the 38.7 hectare property in Wallis Road which is zoned Rural Residential under the Gisborne District Council’s District Plan.

The land was originally owned by the Fitzgerald family and was purchased by a Californian photographer and ardent surfer who was seduced by the beauty of the property and bought the-then 56 hectare site with the intention of dividing it up into lifestyle blocks while retaining a prime block for his own home.

This dream was never realised and subsequently Mr Chrisp sold 18 hectares to a local developer and a further 7.8 hectares to a local Gisborne resident as a home site.

“I then sold the balance – which is in two titles - to a Wellington development group which unfortunately came unstuck while pursuing what turned out to be overly-ambitious plans to intensively develop the land beyond its capabilities,” explains Mr Chrisp.

“The fundamentals of this land – along with the possibilities waiting to be realised - are still very much intact. It’s just waiting for the right person to come along and say ‘this is the project for me’.”

The land is elevated above Gisborne with the city’s lights a captivating sight when the famous Poverty Bay sun goes down. Parts of the land run down to the beach and while access is generally fairly steep, there are walking tracks and a four-wheel drive can negotiate the route.

“You can launch a dinghy from the beach and within five minutes you’ll be lifting crayfish from your pots or a further five minutes and you’ll be among the terakihi and snapper grounds. It’s not your classic sandy Gisborne beach but the rocky outcrops make it more interesting and there’s still plenty of sand to play on,” says Mr Chrisp.

Tuamotu Island features prominently in the seascape from this property and the tides create an ever-changing scene. The fascinating boulders around Tuamotu are remnants of the days when sailing ships coming to load up at the port would first empty their ballast of round boulders in to the waters around the island.

“Surfers recognise Tuamotu as having one of the best surf breaks in New Zealand with left-hand reef breaks really coming into their own in a big southerly swell. The views from this land are certainly never static – there’s always something interesting to see,” says Mr Chrisp.

Whilst in recent years it looked as if a developer would take over this land and carve it up into multiple sites, Mr Chrisp says there is always the chance that an individual buyer would want to snap up the whole property to build their dream house amongst a private, 38 hectare sanctuary.

“Perhaps a retiring farmer with a strong allegiance to the land would look to secure this unique site to create an amazing lifestyle close to town and the coast, yet still with that rural feel.”

Alternatively, a developer could look at doing a quiet and gradual development supporting up to 14-16 homes more in line with the original Californian owner’s plans which were to include common land, bush, walkways and tracks as part of an empathetic approach to make the very most of this property.

“A development with multiple homes could be done very cleverly and some of the potential building sites would rival anything that Gisborne has to offer. As the property has two distinct sides – a coastal aspect and a rural view to the city beyond – there is something to suit the most discerning buyer and a savvy developer who is happy to work within the natural constraints of the land could be well-rewarded,” says Mr Chrisp.

Considerable investment has been made in getting Geotech data on the land and Mr Chrisp says multiple sites have been identified as meeting building consent requirements. Within these acceptable areas, clusters of homes could be built while still complying with the Council’s minimum one hectare subdivision condition.

“There are distinct areas of proven Geotech and this is what we need to focus on. A new owner must accept that some parts of the land will not be suitable for building works and be prepared to factor this in. The land has access to town water supply and to town sewerage so the basics are well-covered,” says Mr Chrisp.

“This land is an opportunity waiting to happen and a forward-thinking new owner will recognise the inherent potential that the property offers. There are a number of possible options to consider and I encourage people who can ‘think big’ to come and view the property with me and see it through new eyes.

“As the mortgagees are involved, the opportunity exists for someone to take advantage of the current sale circumstances and take on a project that needs a visionary buyer to embrace it.”