A huge beach-front section in Tauranga's Mt Maunganui, which had been in the same family's hands for more than 70 years, has sold.
The 1,548 sqm site at 223 Oceanbeach Road, which was originally bought by a local, John Bateman, for £200 in the late 1940s, had attracted strong interest from buyers who all had a connection to the popular suburb.
Bayleys Mt Maunganui agent Sharon Hall, who marketed the property, said it was an exciting marketing campaign given a lot of family history is tied up with the bach. "It's now a time of mixed emotions for the family," she said.
The original 1940s bach still sits on the site but a new luxury-style home was built next to it in the last 15 years, with the property boasting a rating valuation of $5.24 million.
Start your property search
Hall likened the property to a fine piece of art, and said that during the campaign, qualified buyers from the local area and the wider Waikato region had shown interest, with multiple tenders submitted.
The original bach still sits on the property. Photo / Supplied
The majority of buyer wanted the home to use as their main home or holiday home - not as a development project.
"The enquiries we had all had a connection to the Mount - either current or historic. The house was a rare opportunity to get a lifestyle they'd never get a chance at again."
The property features a large luxury home facing the ocean. Photo / Supplied
Hall said at the start of the campaign that the original bach was built in 1949 by John Bateman for the sum of 55 pounds and was preserved by successive generations of the Bateman family. In fact, the current owner's parents choose to leave it intact when building the larger family home at the front of the property.
“This has been a much-loved family holiday home,” Hall said.
Oceanbeach Road is one of Tauranga's most sought-after addresses, due to its proximity to the beach. Large sections on the strip don't come up for sale that often, but when they do they tend to fetch high prices.
265 Papamoa Beach Road, in Tauranga, sold for almost $1 million above its RV. Photo / Supplied
Simon Anderson, managing director of the Realty Group, said since the country came out of lockdown in May demand for property in region had increased.
"We've seen resurgence in Auckland buyers in the market. People with large cash reserves are looking to move that money into property," he said.
"The Mount market is pretty unique. Those places come to the market rarely and when they do there is a lot of interest for them from local and outside buyers who usually have some sort of connection to the area."
Last month a "pink" beach house on a 1201sqm section at 265 Papamoa Beach Road sold at auction for $3.15 million - almost $1 million above its rating valuation. The property had not been on the market in close to 50 years and was one of last undeveloped large-scale sections fronting Papamoa Beach.
Another family bach, 23a Oceanbeach Road, which had been owned by the same family for about 40 years, sold at auction for $1.86 million in June, and one of the last remaining vacant beachfront sections in Mount Maunganui, also on Ocean Beach Road, sold just recently.