– Overseas buyers purchased two properties in Ōmarino, Bay of Islands, for $28m.
– The sales were quick due to Ōmarino’s exemption from the Overseas Investment Act.
– The buyers, from the UK and US, plan to build using top architects.
Overseas buyers snapped up a pair of properties in a gated estate in the Bay of Islands for a total of $28 million, OneRoof can reveal.
Ben Macky, director of New Zealand Sotheby’s International Realty North, told OneRoof that he brokered both deals for the luxury retreats in Ōmarino this winter.
He noted that both sales were completed relatively quickly because Ōmarino was one of the few sensitive coastal areas that had an exemption from the Overseas Investment Act.
Overseas buyers already had exemption from the Overseas Investment Office to purchase the land without special approval. Photo / Supplied
One offer was locked in just six weeks after the buyer had first enquired about the estate.
“Both the buyers have a passion for the natural environment, and they found it here in Northland,” Macky said, noting that one of the purchasers was from the United Kingdom, while the other was from the United States.
“One of them had been hunting around the world, and just found New Zealand was an amazing spot for nature. The other had visited here frequently and absolutely loves the Bay of Islands.
“They jumped pretty quickly too.”
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The two sites, one just over 7ha and the other 12.ha, are part of a 142ha private estate near Russell established nearly 25 years ago by Sky TV founder Craig Heatley.
The sprawling property is divided into 19 plots, offering buyers a mix of hilltop and beach-front living, and comes with a team of managers who care for the communal grounds and provide security.
Ōmarino has its own marina for large yachts up to 23 metres in size and offers helicopter access to elite golf courses, including Kauri Cliffs, Tara Iti and Te Arai, and Waitangi Country Club.
The estate comes with a private guesthouse and events space, a private jetty and helicopter pads. Photo / Supplied
The grounds are maintained by a full-time management team. Photo / Supplied
Macky told OneRoof that both buyers were talking to top architects about creating something special on their plots. The estate is already home to several stylish spreads, with residents known to have spent $5m or more on their builds.
“These are homes that are relevant to the quality of Ōmarino. Some of New Zealand’s best homes are up here, but these are high net worth people who are quite private. Out of respect for them, I can’t reveal details,” he said.
One of the properties in the estate – a waterfront compound on just over 10ha with multiple homes, a pool, tennis court and private golf facilities – was asking $26m when it went on the market in 2018, before selling three years later for $14.5m. The vendors, rich-listers Barry and Emma McCollam, told the New Zealand Herald at the time that the property took five years to plan and build.
Macky said that the two properties that sold this winter had attracted “unprecedented interest”.
Up for grabs in the Bay of Islands is the “private sanctuary” at 1 Motuarohia Island. Photo / Supplied
“We’ve been inundated with international enquiry, mainly from Europe and the United States, even from Brazil,” he said, adding that discussions with buyers for further sites for sale in Ōmarino were “bubbling away”.
“These people don’t talk budgets; they just engage and see if it works for them,” he said.
“There is high demand for quality properties in New Zealand. I’d love to see them purchased when we get changes to the foreign investor regulation.”
For buyers who missed out on Ōmarino, Macky and his colleague Sandy McKenzie are currently marketing a three-bedroom home on a nearly 6500sqm section on Motuarohia Island.
The property features a jetty, swing mooring, and a boat ramp, along with a pool, a guest cottage, and off-grid power and water.