Chunk of land on North Shore may fetch $13.2m
Three adjoining seaside properties in Takapuna with a combined CV of more than $13 million are for sale but could be bowled to make way for high-end apartments.
The parcel of land containing 7, 7a and 9 Audrey Rd is set beside Thorne Bay, looking out to Rangitoto Island.
The entire site measuring 2608sq m features three properties, including a five-bedroom family home, a “character” weatherboard house and two brick and tile units.
The properties are owned by Julie and John Buchanan of Buchanan Chartered Accountants and are being offered individually or as a package deal.
“It covers all the bases in regards to what people want,” said Premium Real Estate agent Lewis Guy, who is marketing the site.
Concept plans by architect Brent Hulena were available, he said, and potential buyers had expressed interest in developing the site into highend townhouses.
“The CV for all three properties would be $13.2m for the lot, but it may well go for less in the future. It happens to be the combined amount but people can attack it from whatever direction they like.” If bought as a package the land could hold up to eight freestanding homes or operate as terraced houses or apartments, Guy said. The house on 9 Audrey Rd was last valued in 2017 at $6.1m, while 7 Audrey Rd was valued at $1.9m and 7a at $4.15m. “It is a unique offering, there won’t be many other places to buy something of that volume or create a development.
“It’s across the road from the beach and right between Takapuna and the Milford shopping centre.”
OneRoof editor Owen Vaughan said median prices for four-bedroom plus homes in Takapuna had dipped from $3.11m to $2.7m in the past year.
Despite the fall, the “underlying value of this particular property is its development potential and its location”, Vaughan said.
“There has been a spike in apartment development in Takapuna, hand in hand with the regeneration of Takapuna’s commercial and retail centre. I expect developer interest to be high.”
Tenders close on February 27.