25 Aug 2020

 

Multiple news sources in New Zealand have reported that the Terrace Downs Golf Resort in Canterbury is to be sold after its owner, Japanese investor Hiroshi Hasegawa, passed away due to COVID-19.

Hasegawa purchased the resort in 2012 and was only 59 years old when he became one of the first people in New Zealand to die from the virus. The course and associated resort accommodation will be auctioned by CBRE on September 17, in Christchurch.

Less than an hour inland from Christchurch, Terrace Downs features an 18-hole resort style golf course designed by Canadian Sid Puddicombe as well as a large clubhouse and a portion of land previously consented (lapsed) for subdivision into 20 luxury home sites. The property enjoys stunning mountain views and almost two kilometres of riverfront.

Accommodation for golfers is provided at Terrace Downs through 78-privately owned apartments and chalet-style homes. There are also facilities at the resort for archery, clay bird shooting, tennis, mountain biking and a golf driving range.

Handling the sale of Terrace Downs for CBRE Christchurch are its managing director, Tim Rookes, and senior director of capital markets, Warren Hutt.

Rookes told Star News recently, that “We are expecting strong interest from high net worth investors and consortiums, who will recognise this as a rare chance to acquire a very well-known property. This is a fantastic opportunity to own a championship golf course which is regarded as one of the best in the country.

Hutt added, that  This stunning property is being sold in highly unfortunate circumstances. Its owner was passionate about golf and loved New Zealand. Given the current Covid situation globally as well as OIO restrictions, this is an excellent opportunity for a New Zealand individual or group to acquire the property at well below replacement value and reinvent it for the future.

“Golf courses certainly don’t come up on the market very often, certainly not in such a magnificent setting as this, so we expect this will be seen as a trophy asset by prospective buyers.”

 

From the Star News article:

 

Terrace Downs Golf Resort in Windwhistle, under shadow of the Southern Alps, was bought by Japanese investor Hiroshi Hasegawa in 2012 after he was given the go-ahead by the Overseas Investment Office.

Hasegawa, who had turned the resort into a globally recognised luxury golf and adventure destination, died aged 59 in April after becoming ill with Covid-19. His estate is now selling the resort.

 

Playing golf at Terrace Downs is quite a unique experience, says Rookes.

“Wherever you are on the course, the spectacular views are a constant distraction. It’s literally right at the foothills of the Southern Alps, with Mt Hutt and the surrounding mountains giving the impression of rising incredibly steeply up from the property. Looking down at the Rakaia River from the terraced lawns at the bottom of the property is also an unmissable experience.”

As well as golf, the resort and surrounding area offer countless other recreational options, making it a perfect destination for those looking to immerse themselves in the outdoors, Hutt says.

 

“It’s really a place where you can get away from it all and recharge the batteries – doing as much or as little as you like in a peaceful and picturesque setting.”

One of the most popular local activities is skiing, with Mt Hutt just 40 minutes away. Porters and several club ski fields are also within easy reach. Local tour operators are available to take guests salmon fishing, horse trekking, jet boating, heli skiing, heli sightseeing, deer stalking, quad biking, rafting and farm tours. There are also plentiful hiking options, with a famous local walk at Washpen Falls as well as several DOC tracks in the area. Lake Coleridge is also a short drive away, says Rookes.

“The owners also had previous plans for a hunting lodge, wedding chapel and separate hotel and conference centre on the property – illustrating just a few of the options that could be available should the new owner wish to undertake further development.”

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