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Terrace Downs acquire for 6.6m following owner’s Coronavirus death

POSTED ON September 19, 2020 @ 7:54 am

Canterbury golf course

Following the tragic death of former owner Hiroshi Hasegawa earlier this year, one of Canterbury’s top golf courses has now been sold for a price tag of  $6.6 million.

Competition at the CBRE auction for Terrace Downs Golf Resort in the Canterbury High Country was high, with the property attracting strong interest from buyers.

The course was put on the market after the death of multi-millionaire Japanese investor Hiroshi Hasegawa, who purchased it in 2012 after approval from the Overseas Investment Office.

Hasegawa was 59 when he died in April.

He had turned the resort into a globally recognised luxury golf and adventure destination.

A trophy asset

Tim Rookes, managing director of CBRE Christchurch, and Warren Hutt, senior director of capital markets, CBRE Auckland, who marketed the property on behalf of Hasegawa’s estate, said the property was bought by a private investor.

Rookes said: “We’re delighted to get such a fantastic result for this stunning property. The level of interest demonstrates that investors have ongoing appetite for high-quality assets.”

Hutt added: “As golf courses don’t come to the market very often, this is a trophy asset for the new owner and we wish them all the very best.”

Terrace Downs was recently ranked by New Zealand Golf magazine as one of the country’s top five courses. The par 72 course is 6,406m long and is described as having a Scottish highland feel. It offers a choice of four tees on each hole and incorporates 10 lakes and over 60 bunkers.

It was designed by the late Sid Puddicombe, a celebrated Canadian golf course architect.

Emotional connection

Located less than one hour’s drive from Christchurch Airport, the resort features extensive landscaping, with tussock plantings, lakes and stands of woodland and bush. A long, 1.8km riverfront boundary borders the Rakaia River, with terraced lawns providing excellent views of the river. Panoramic views of Mt Hutt and surrounding mountains are a strong feature throughout the property.

Sealed roads provide access to 78 privately-owned residential sites; including a cluster of 52 apartments and 26 free-standing chalet-style homes scattered throughout the property.

A portion of land at the property’s southern end, known as The Peaks, was previously consented for subdivision into 20 large luxury home sites, however this consent has lapsed.

Rookes told OneRoof earlier this week that there was a genuine desire among locals in Canterbury to see Terrace Downs succeed. “It’s really heartening to see that support. There’s an emotional connection to the resort in Canterbury – people want to see it continue.”

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