Former PM Sir Keith Holyoake's lake-side land for sale

Sir Keith Holyoake's last remaining piece of land at 30 Okaia Drive, Kinloch, could fetch at least $5 million. Photo / Supplied

The daughter of former Prime Minister and Governor General the late Sir Keith Holyoake is selling the multi-million dollar property she inherited from her dad.

Diane Comber has decided the "time is finally right" to sell the sprawling lake-front property near Taupo she received when her father passed away in 1983.

The slice of untouched paradise could net up at least $5 million, given its development potential.

Many have offered to buy the land at 30 Okaia Drive in the holiday town of Kinloch since Holyoake purchased it in 1953 but the family have always refused.

Former Prime Minister and Governor General the late Sir Keith Holyoake. Photo / NZHerald

"Diane has only just now decided the time is right," Bayleys real estate agent Helen Webb said.

Webb said interest was strong from both developers and those wanting to build a grand lake-front home.

"A development with the right consent could see 200 sections on town supply so it is a valuable piece of land," Webb said.

"But there has also been interest from those wanting to build their own home and then sell off some of the land."

Webb said it was hard to put a price on the land which was the last remaining Kinloch landholding with a prime lake-front position.

A 2016 valuation put the 34 hectares at $1,674,000 but indications were upward of $5m.

The average property value in Kinlock is $634,250 according to recent data from QV but waterfront properties sell for $2m or more.

Webb said the value was in the size and the future possibilities.

"The site is dually zoned, with approximately 21 hectares 'Kinloch residential', with the remaining 13 hectares 'Kinloch low density residential'.

"It is 34 hectares of prime, gently sloped land with uninterrupted views of Lake Taupo and the central plateau's famous three mountains."

The sprawling 34 hectares is the last lake-side landholding available in the popular holiday town of Kinloch. Photo / Bayleys

Locals referred to the land as "the jewel in the crown of Kinloch" Webb said.

The land was jointly purchased as a sheep station in 1953 by offshore sailor Ian Gibbs and Sir Keith Holyoake, it was the pair's vision that the township would one day evolve into the holiday destination it has become today.

On his deathbed Sir Keith Holyoake named Kinloch as one of his greatest achievements.

Webb said his family were thrilled that the town had evolved into such a popular holiday destination.

Kinloch is a regular destination for Hollywood stars with stays at the lodge at the world class Kinloch Golf Course gifted in 'goody bags' at the 2015 Emmy Awards in Los Angeles.

Born in 1904, Sir Keith Holyoake served twice as New Zealand's Prime Minister; briefly in 1957 and then from 1960-1972 - one of the longest ever terms held.

The valuable land sits on the lake-side in Kinloch. Photo / Bayleys

Sir Keith went on to become Governor General from 1977 - 1980 and remains the only person to have held both positions.

Holyoake and Gibbs divided their assets (approximately 4,400 acres) in 1956. Sir Keith took ownership of the western side he called Seven Oaks.

The area at the front of the lake later became a residential village development named 'Kinloch' in 1959. Sections were sold for £550 each. New Zealand's first marina was opened at Kinloch in 1965.

"Sir Keith and wife Norma bequeathed their landholdings in Kinloch to their five children with 30 Okaia Drive the last remaining land owned by the Holyoake family," Webb said.

Comber has three children who will retain two hectares on the northern back boundary of the site.

The property is marketed for sale by Bayleys Taupo in a tender process closing Monday August 21.