or...to expand on your excellent boat ride idea...the boat ride could be a HE type experience and transports you from The Shire Land to the Rivendell Land......Of course there would be a land entrance to Rivendell also, maybe a mystical bridge across the same river.....and that solves a way to get rid of some of the water on the new property..........I'm still thinking at least two lands. The IP rights will be too expensive to limit it to one land. And then there's the profit potential of two lands with merchandise and food very different from one another.
For Water, I was thinking Lake town as the shopping area in front of the Erabor Ride. If they could figure out a way to make a boat ride part of the queue that would be pretty sweet.