Just 17 months after the first sale, Arrowtown’s Arrowfields subdivision is a sell-out. The 20-Lot subdivision was hailed as a unique new lifestyle subdivision at its launch, offering sections between 600sqm and 1,073sqm. Sale prices within the development ranged from $500,000 through to $595,000.
Managing director, Alastair Wood, says ‘We’re delighted to confirm the last sale in Arrowfields and see it taking shape. The sell-out result is testament to the planning and forethought that went into the concept by the developers. Zoning rules and town centre boundaries ensure vacant sections of bare land in Arrowtown are both rarely-available and tightly-held. The end product will be an exceptional place to live and we’re extremely proud to have led the sales campaign.’
The sales process evolved from initial section sales to Colliers International working with local homebuild companies to create housing options for the sites, helping potential purchasers understand what their build pricing was likely to be to unlock the value in the land. Adapting to the changing requirements of the buyer market was key to a successful campaign says co-listing agent Stephen Hebbend – ‘We listened to buyer concerns around their need to meet a certain price point for their new home, and were able to bring in the right expertise to ensure the pricing was both clear and achievable. It’s enabled some of our purchasers to fulfil a long-held dream of living in Arrowtown, something many thought would not be feasible.’
The development is located close to the village centre and retains rural appeal through its position on the edge of Arrowtown’s current residential area, combined with a major native regeneration project seeing the land restored to an enriched ecosystem for wildlife and people to share and enjoy. Tracks lead from the subdivision into the neighbouring residential area providing crucial links to the local community.