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Te Rere Cove on Waiheke Island is back on the market after a foreign buyer withdrew the application with the Overseas Investment Office.
In August the Overseas Investment Amendment Bill placed tougher criteria on foreign investment in rural land and also banned foreign buyers from buying existing residential and lifestyle properties.
Interest in the property has been high, according to one agency.
The estate features French oak and granite with decor styled by interior designer Anna Desbonnets and was developed by interests associated with businessman David Parkinson, formerly of Cartridge World in Britain.
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