The phrase "it's technically fine" describes this place pretty aptly. Less than 10 minutes walk from the row of restaurants and the Four Square in Lake Tekapo, but it's currently in the middle of a construction site with dozens of similar units all of which look like they'll be let out. 10 minutes' walk sounds good, but in such a small place this actually places you near the edge of town.
The house is split in 2 longitudinally, so you share the house with another 3-bedroom unit that is being let out separately. The 2 bedroom part is smaller because of the "entertainment room" which apparently you have to book? I don't think either of us used it once during our 4 night stay.
The unit itself was almost surgically sterile - everything was clean and tidy, to the point that it looked more like a show home than a place where people were staying. The plastic plants kind of says it all. The multi-game set under the coffee table with cheap plastic chess pieces and pickup sticks didn't really help the situation. We would have probably preferred to sacrifice some of this neatness for a sense that the house had been lived in by things other than bacteria.
Lastly, the reach of the heat pump is atrocious. The climate can get above 30°C in summer and below freezing in winter, and the heat pump does not reach even into the nearest bedroom, let alone the second. In winter it's probably fine, each room has a heater as well. But in summer it can get scorching in the two rooms.
We stayed in Tekapo while overseas travel was very limited due to COVID, which made the experience a lot better in terms of business and crowds. We got a small discount given the lack of business, but even at the discounted rate and even accounting for Tekapo inflation we felt it wasn't really worth the price. Its definitely not a bad place to stay, but we would hope to do better next time.