US billionaire Julian Robertson buys Waiheke land for luxury lodge

Monday, 3 September 2018

US billionaire Julian Robertson has Government and Overseas Investment Office consent to buy waterfront land on Waiheke Island for $18.9 million for another luxury lodge.

The final decision was made by the Minister for Land Information Eugenie Sage and Associate Minister of Finance David Clark.

One of the lodges in the Julian Robertson collection - Matakauri Lodge, Queenstown.

Robertson has previously invested in hospitality ventures in New Zealand and has three luxury lodges - Kauri Cliffs near Bay of Islands, Cape Kidnappers in Hawkes Bay, and Matakauri at Queenstown.

He plans to build a luxury lodge on the land for approximately 30 to 40 guests where rates are likely to match his other establishments at well over $1000 a night.

* Robertson buys Matakauri lodge**

The 34 hectare property is located at 341 Gordons Rd, Kauaroa Bay, Waiheke Island.

The OIO consent said Robertson intended to provide walking access to the coast and to a lookout point on the property which has until now been off limits.

'The public will be able to walk to the coast and a lookout point on the property which provides a 300-degree view across Auckland, Koi Island and Rocky Bay (Whakanewha Bay),' the OIO said.

He also plans to undertake an ecology programme on the property to restore wetlands and undertake pest control and re-vegetation of parts of the land.

The construction and operation of the lodge was 'likely to result in new job opportunities on Waiheke Island and new investment in New Zealand'.

Billionaire Julian Robertson is developing another luxury lodge - pictured is his Kauri Cliffs lodge.

The seller of the property was Christopher Reeve who bought it in 1981, and has had it on the market for about three years.

There is an existing 558 square metre home overlooking the 2 kilometre beach front, plus a caretaker's cottage, two visitors' units, double garage, helipad, tennis court and boatshed.

Robertson bought the property through his company Waiaua Bay Farm.

This company, with assets of about $200m, holds several of Robertson's other New Zealand investments including Brookside Station near Porters Pass inland from Christchurch, which he bought for $6.7m in 2002.

Another is Matakauri Lodge he bought in 2009 for $12m, Cape Kidnappers Station for an unknown price, and vineyard and forestry investments.

The revenue of Waiaua Bay Farm in 2017 was $39m. Employee expenses took $13.1m, along with other expenses of nearly $17m included tax of $2.7m, leaving a profit after tax of $7m.