$16.8m housing site headlines auction results
A 3.5608ha residential development site on the Hingaia Peninsula in South Auckland has sold at auction for $16.8 million – the second highest value sale under the hammer for a single property in Bayleys Real Estate’s 49-year history.
The land at 169 Park Estate Rd, marketed by Peter Sullivan and Kristina Liu of Bayleys Takanini office, has a 2021 Auckland Council CV of $11.69 million. It was put up for sale by a family who have owned it for nearly 30 years.
“They bought it as an investment property for their retirement and decided that now was the right time for them to sell,” Sullivan said. “It is one of the very few sites in this sought-after part of South Auckland that up until now hasn’t been tied up by developers.”
Sullivan says the property, which currently has a Mixed Housing Suburban zoning, was bought by an experienced developer who has already undertaken housing projects in Hingaia.
“They are looking well beyond the current downturn in the market and have a lot of confidence in the future of this area. It is arguably the best development location in South Auckland given its attractive position alongside Pahurehure Inlet while still being close to the southern motorway and Papakura and its train station.
“The property they have bought also benefits from infrastructure and services which are already being put in place for surrounding housing developments.”
These include a recently upgraded motorway crossing bridge on Park Estate Rd, a primary school under construction as part of the neighbouring 97ha Park Green development. That will encompass a neigbourhood centre and extensive cycling and walking trails and waterfront reserves.
The Park Green project is being master-planned by the Hugh Green Group and will include around 1250 dwellings, the first of which are already being built by Fletcher Living.
Liu says other attractive features of the offering included the land’s flat contour and easy access as well as proximity to ACG Strathallan School, Hingaia shopping hub, the new DoubleTree by Hilton Karaka hotel and the proposed Drury town centre.
This transaction follows another large auction sale, on behalf of a deceased estate, of 32.07ha at 2247-2289 SH1, Bombay, for $12.65 million. Also marketed by Sullivan and Liu in conjunction with Shane Snijder of Bayleys’ Pukekohe, it comprises mostly vacant rural land held in seven titles.
The property atop a hill at the southern entrance to Auckland is best known for its popular fruit and vegetable retail outlet alongside the motorway
Also selling at auction for more than $5 million was a Town Centrezoned 2280sq m commercial site in Papatoetoe.
Located at 66-88 East Tamaki Rd, it was originally scheduled to go under the hammer on July 20.
The auction was brought forward after the vendor received an offer they were happy to accept and it sold with vacant possession for $5,008,000 through Oscar Kuang and James Chan of Bayleys’ international division.
Kuang says the purchaser will be looking at options for adding value to the under-utilised site which currently has a 439sq m building. The zoning allows for buildings up to 18m high.
“It’s a very well-positioned site with nearly 50m of exposure to a busy main arterial and some highprofile neighbours.”