Terrace Downs resort for sale after owner dies from Covid-19
The luxury Terrace Downs golf resort in Canterbury is for sale after its owner died from Covid-19.
Japanese investor Hiroshi Hasegawa bought the resort, near Mt Hutt in Mid-Canterbury, in 2012 after gaining Overseas Investment Office approval.
Hasegawa died in Japan on April 22 from coronavirus, aged 59.
The resort will be auctioned on September 17. The property covers 250 hectares of land at Windwhistle by the Rakaia River.
Expansive property
It has an 18-hole golf course with 10 lakes, a clubhouse building with a restaurant, bar, cafe, and day spa, and wedding and conference rooms.
There is also privately owned holiday accommodation on the property, some of which is leased back to the resort. Along with 52 apartments there are 26 free-standing chalet-style homes.
A piece of land at the southern end of the resort was previously consented for subdivision into 20 large luxury home sites, but this consent has lapsed.
Marketing agent Tim Rookes, of commercial real estate firm CBRE, described the property as “expansive” and said they were expecting interest from wealthy investors and consortiums.
Terrace Downs land was originally part of Snowdon Station. Japanese professional golfer Shinnosuke Saito bought the land and built a golf course on it in the 1990s, with the accommodation and facilities added in the 2000s.
Source: Stuff
