Isola up for sale

Isola Estate on Onetangi Road is on the market.

The property and its planned five star winery-based luxury resort and associated entertainment and conference centre have been put up for sale by owner Brent Gibson.

Mr Gibson of Santa Monica Investments Ltd bought the property from former Fullers Ferries chairman George Hudson in 2006.

The estate has hosted several wine festivals and will be hosting the new format Waiheke Wine and Food Festival on February 6.

Mr Gibson is also in discussion with council over the rights of fixed-wing planes to land at Isola.

Mr Gibson says he has spent almost four years working on the tourism and hospitality concept and is convinced of the benefits the complex would bring to the island's economy.

"Under current conditions, I've taken the project as far as I can and added as much value as I can. After four years, it's time to pass the opportunity to an organisation that is capable of internally funding the project."

The estate has resource consent for an 80-room, five-star hotel, and an entertainment centre and function venue on a separate title.

Under original plans, the hotel had been designed to accommodate 52 separate unit titles with a 25 year management agreement to Langham Hotels International.

The separate 1858 square metre entertainment and function venue would contain day spa facilities, a gymnasium, retail wine outlet and functions venue with a capacity to hold up to 400 people.

The property is being offered for sale under two titles and is being marketed by Bayleys Real Estate through a tender process, with expressions of interest closing on March 4.