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Three Mayors Ridge, named after three generations of the Reid family who were mayors of the former Arrowtown district, has been developed by the family trust of the late Eamon Cleary, who created a large portfolio of properties in Whakatipu.
It consists of 12 flat or gently sloping lots bordered by Caernarvon, Surrey and Villiers streets.
It also borders Reidhaven, built in 1866, which housed those three generations until Jack Reid, the last mayor of the borough (1980 to 1989), died in 2016 at the age of 95.
The lots, the last of which was sold in October, all come with spoiled home designs according to the site’s ‘residential historic management’ zone.
Design requirements include cedar, stone and plaster exteriors, while there is also an extensive landscaping plan that includes hedges, fences, and street frontage plantings.
Ten lots planned for three-bedroom houses and two for two beds, with all but one of the three-bedroom houses on two levels.
Section sizes ranged from 290 to 440 square meters, while sales prices ranged from $ 675,000 to $ 915,000 for two main sites.
After the initial launch in Fall 2018, seven lots were sold.
Listing broker Rory O’Donnell, from Colliers International’s Queenstown office, says they received feedback from potential buyers in the process.
“To the developer’s credit, he took the feedback from the Colliers project team into account, and with the help of the planning and design teams, we achieved a better development outcome.”
Specifically, the layouts for four of the homes were varied and more off-street parking was provided in the form of double parking to lessen the impact of the subdivision on the surrounding neighborhood.
O’Donnell says the seven existing buyers also approved the changes.
Once the Queenstown council approved a variation of the existing resource consent, the other five sections were put on the market in late 2018.
Four were sold quickly, while the last to sell was a two-bedroom lot.
The buyers were both local and from all over the country.
Outsiders, O’Donnell says, were in part drawn by the fact that consent allows homeowners to use their homes for visitor accommodation for up to 100 days a year.
Buyers also appreciated the subdivision’s proximity to downtown Arrowtown.
Three constructions are currently underway and another five are expected to begin next year.
With no other subdivisions in downtown Arrowtown, O’Donnell suggests that anyone else wanting a new home in the area will have to rebuild an existing property.
“Arrowtown is very restricted in terms of growth and there are no other sites so it will have an impact on prices.”
