Zoned Cromwell development land offered after 35 years

A 29ha parcel of vacant land in Cromwell, held in family ownership for more than 35 years, is for sale with zoning for low and medium density residential development already in place.

The site, known as Goldfields, sits on State Highway 6 at the western edge of the township. It is marketed by CBRE’s Tim Rookes, Cameron Darby and John Holmes for sale through an international expressions of interest campaign closing at 4pm on Wednesday 28 October.

CBRE Christchurch managing director Tim Rookes said having residential zoning already in place streamlines the process for the new owner to master-plan a development to meet the high demand for housing in the Southern Lakes and Central Otago.

"This land is ready to go with no rezoning required, so a buyer can commence development plans under the current council rules and gain first mover advantage in a locality where demand for housing keeps building."

CBRE senior director of capital markets John Holmes said the site's location sets it apart as a strategically significant land holding.

"Goldfields represents the last large-scale greenfields development site within Cromwell's core town area. State Highway 6 runs along the western boundary and established housing and a retirement village border the site to the north, east and south. With multiple access points and close proximity to the town centre the site presents a rare opportunity."

Cromwell's median house price reached $1.02m in the middle of this year, with buyers seeking the Central Otago lifestyle driving much of the increase.

Median prices in the town have risen 63% over the past five years, compared with 50% across Central Otago and a 6% fall nationally.

Even so, Cromwell values sit at roughly half the Queenstown-Lakes average of about $1.93m, making the town an attractive proposition for buyers priced out of Queenstown, said CBRE capital markets director Cameron Darby.

"A shift of homebuyers out of the higher-priced Queenstown and Wānaka is creating steady demand for new homes in Cromwell, but there has been very little additional zoned land ready to meet it. Goldfields gives a developer the scale to deliver housing where demand is expected to continue to increase."

Cromwell's population reached nearly 7,500 in 2025, up 15.5% in five years - more than one and a half times the growth rate of the wider Central Otago district. The Cromwell Basin grew by more than 30% between 2018 and 2025, to about 10,900 residents.

"In a region with sustained growth, level land supported by existing infrastructure is becoming an increasingly scarce and valuable part of future housing supply," he said.

An indicative concept plan shows capacity for about 467 residential lots on the site, including three larger ‘superlots’, parks and community spaces.

About 13ha of the land is zoned low density residential and the remaining 15.8ha is medium density. The low density portion of the site is intended to support lot sizes of 400 sqm and above, with smaller sections of between 200 sqm and 400 sqm in the medium density area.

The site will appeal to retirement and lifestyle village operators as well as residential developers, said Rookes.

"The site can accommodate a range of housing, from larger sections to more compact homes and retirement living. This flexibility will appeal to a wide pool of buyers, both here and overseas, looking for the opportunity to deliver a regionally-significant residential development."

Goldfields sits within the growth corridor identified in Central Otago District Council's Eye to the Future masterplan, which focuses on Cromwell's growth within the existing town.

The site is a few minutes' drive from the town's medical centre, golf club and heritage precinct, 40 minutes from Wānaka and 50 minutes from Queenstown.