A hidden gem that stopped sparkling
When Chris White pitched Merino Downs to the Otago Daily Times in 2018, the thesis was elegant. Twizel was a “hidden gem”, undervalued relative to Tekapo, Wanaka, and Queenstown. A 34-lot lifestyle subdivision on 22 hectares of former station land, designed to premium specifications with 16,000 native tussocks, fibre-optic connectivity, and protective covenants, would capture the upside as the Mackenzie Country caught up.
The investment case rested on three assumptions: continued house price growth, stable construction costs, and aligned partners. All three have failed.
In October 2025, Texas-based entrepreneur Trammell Simonton Crow applied through his company Pounamu…