An “all things to all people” property boasting an executive home, sleepout, stables attached to a second house, and enough land to carve out a 30-section subdivision is on the market with a price tag of around $10 million.
The listing for the 2.6-hectare property comes after OneRoof revealed last month that three nearby lifestyle blocks on Victoria Road in Cambridge have been purchased by wealthy Auckland businessmen Berridge Spencer and Mark Hiddleston for $19.8m. The three properties give the duo a combined land size of almost 9ha.
Ray White listing agent Sean Senior said the property offered plenty of potential and the new owner of 409 Grasslands Drive in Cambridge could live in the near-new main house as the kids ride their pony while land-banking, stay on the lifestyle property and develop a 30-section subdivision on the remaining land, or even create a mini boutique retirement village in the ever-expanding town.
“The vendor actually feels that the person who might buy it might be an Aucklander that wants to put his kids in St Peter’s private school around the corner, but also wants to give his daughter a horse because there’s stables there and paddocks. And then in the future once the collector road from the 3M subdivision is completed this year then it opens up 30 sections.”
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While the $10m price tag is probably overpriced for just a house on a section, he said, the value was in the land which could be subdivided into about 30 sections ranging in size between 500sqm and 570sqm.
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The main four-bedroom, three-bathroom home with a small sleepout attached to a carport on an almost 2000sqm section, which is what would be left after the 30-section subdivision, is estimated to be worth between $4m and $4.5m on its own. The second dwelling and attached stables would be bowled to create the new subdivision.
The main home was built two years ago. Photo / Supplied
“So, you’ve got to say if that’s worth $4m and the subdivision is worth over $6m – it's a $10m deal, but he’d (the vendor) look at all interest north of $9m.”
Senior, who sold two of the Victoria Road development properties, said the Grasslands Drive property is an extremely unique offering and he could only think of one other newer home on a smaller piece of land owned by a developer in Norfolk Downs in Cambridge that is close to being comparable.
“It’s quite iconic.
“You don’t get these opportunities all the time. You either get the land or a massive house, but he’s basically designed the position of this house to know that in two years’ time when the zoning changes that he doesn’t have to knock down his $5m home.”
There are concept plans for a proposed 30-section subdivision on the site. Photo / Supplied
The Grasslands Drive property has gone from being zoned lifestyle to deferred residential and backs onto a large subdivision being developed by large Cambridge developer 3Ms that will include a new school and retirement village. A collector road, due to be completed later this year, is being built as part of the development making it possible for the Grasslands subdivision to go-ahead.
Last year Waipa District Council purchased the neighbouring 10.3761ha property at 397 Grasslands Drive for an undisclosed price primarily for sport and recreation.
“If that subdivision wasn’t done his house would only be worth $4m, but that road and the subdivision next door has made him $6m more.”
A connector road, pictured in the right-hand corner, is being developed as part of a large subdivision west of Kelly Road. Photo / Supplied
Alternatively, Senior believes the property also has other potential and could suit a mini boutique retirement village with about 60 units and the main house converted into the main shared area.
“I think a retirement village there would be spot-on. A lot of people would pay ridiculous money for a little cottage.”
The area would also be relatively quiet for residents compared to the locations of some of the larger retirement villages in the town, he said.
Earlier this year a basic Lockwood home located on 2.9ha on Victoria Road sold for $6.2m. In November 2022, a four-bedroom home on 2ha on Victoria Road and a 1960s home on 3.99ha on Victoria Road, sold for $4.1m and $9.5m respectively. All three properties were purchased by companies linked to Hiddleston and Spencer.
Senior said the Grasslands Drive property was worth more because the land could be subdivided within the next few months whereas the land on Victoria Road could not be subdivided for at least five years.
"Victoria is basically a land-bank."
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