An absolutely breathtaking spot about an hour from Tapuo proper - almost exactly between Taupo and Tongariro National Park. We used it as a base for both the town of Taupo and some great hikes.
The road from/into Taupo is a winding one - we got caught driving back in the dark and it was a but harrowing (slight lights aren't a thing out there). If you're not comfortable with the roads, avoid driving at night.
Birds were everywhere and a joy to watch and listen to, and the sunrise was unbelievable. A little slice of heaven - can't recommend it enough!