PHOTO: ODT FILESA multimillion-dollar sale of a lakeside property near Cromwell has set a record for rural land, the agent who conducted the sale believes. It was sold after "spirited bidding" to an offshore buyer, who was a New Zealand resident, Edinburgh Realty Cromwell property consultant Mike Elford said. He said he could not release the recent sale prices of other large areas of rural land because of commercial sensitivity, but the Cromwell property had "probably" set a record, "as we understand it". However, the property did have "some special characteristics" which had affected the price, including its proximity to Cromwell, and its lake views, Mr Elford said. He said there had been considerable interest in the land, including from those with plans for horticulture or viticulture or land development.

Source: Otago Daily Times July 08, 2019 16:31 UTC