Four neighbouring homes in Auckland's Mission Bay have been put on the market for sale at the same time.
The four properties are being sold individually but together they would offer a land-hungry buyer a huge site in a popular beach suburb.
But such a proposition wouldn't come cheap. The four properties on Codrington Crescent have a combined CV of $12.15 million.
54, 54A and 60A Codrington Crescent are being marketed by Bayleys agent Warren Fenning. His colleague Robert Ashton is marketing 64 Codrington Crescent separately, but all four properties have a set sale date of April 13.
Start your property search
Together they make a 4700sqm U-shaped parcel of land zoned for single houses. The neighbouring properties at 56, 58 and 62 Codrington Crescent are not on the market.
Fenning, who is marketing 54, 54A, 60A Codrington Crescent, told OneRoof that the three properties represented “a rare development opportunity".
54A Codrington Crescent has a pool and sits on a 1459sqm site. Photo / Supplied
All three owners had seen the chance to band together and get a premium for their homes.
54 Codrington Crescent is a five-bedroom 1930s weatherboard home on a 700sqm site with a CV of $2.05m.
The house behind it at 54a was built in the 1960s, has an outdoor pool and sits on 1459sqm site. It last changed hands a year and a half ago for $2.532m and has a CV of $3.65m.
60a Codrington Crescent is a four-bedroom 1960s build home on a 1650sqm site and has been owned by the same family for more than 50 years. It has a CV of $3.475m.
60a Codrington Crescent has been owned by the same family for 50-plus years. Photo / Supplied
64 Codrington Crescent is a four-bedroom house on a 940sqm plot that was built by the vendors as their family home more than 30 years ago. It has a CV of $2.975m but is in need of "urgent maintenance", according to the listing.
The owner of 54 Codrington Crescent told OneRoof he decided to sell about a month ago after seeing a flyer from Fenning saying developers were interested in the area.
“I rang around the neighbours saying the council are dropping the heritage overlay, are you interested. It took five minutes to get three people on the same page at the same time," he said.
“If you open up the whole lot, property developers are interested. We’re on the market individually, it’s easier – they could buy one, or two, or three.”
He said he was expecting a premium for the properties, explaining that a developer was more likely to be “business-like than ma and pa”.
64 Codrington Crescent is being sold separately. Photo / Supplied
His neighbour at 54a said he was persuaded to put his home on the market even though he bought it 18 months ago.
“We saw this as an opportunity that would only happen once. But if we don’t get a premium price, we’ll just stay here for 20 or 30 years, like we’d originally planned,” he said.
Scott Greer, speaking on behalf of his elderly parents at number 60A, said the opportunity to sell together was a good proposition.
The family had earlier looked into the feasibility of subdividing, he said, but planners suggested amalgamating properties would be more promising, so the family was hoping for premium price.
Fenning said: “I’m just the first cab off the rank, saying to people are you sitting on a pot of gold.”
Developers paying a premium for neighbouring plots of land in streets zoned for density began taking off in the last year.
Agents got $400,000 premiums each on a pair of modest $1.1m properties in Howick in late 2020 and as recently as October last year a pair of houses in Mount Wellington’s Panama Road, zoned for urban density, fetched $3.883m, $2.265m above the properties’ combined 2017 CV.
A spokesperson for Auckland Council said that there was still a long way to go before final changes to the Auckland Unitary Plan are decided in response to the new legislation around medium density housing.
Public feedback begins in April and proposed plan changes are notified by August for public submissions before going to an independent expert panel.
