In Auckland’s prestigious Paritai Drive – home of the country’s most expensive home and where a "do up" sold last year for $10.8 million - there are still occasional finds.
An unusual property at 146 Paritai Drive, in Auckland, is being brought to auction on June 2 by Barfoot & Thompson agent Helen Gu.
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It's a property in two parts, with four one-bedroom apartments built in the 1960s plus a modern four-bedroom family home, complete with granny flat, built behind in 2002. It has a 2017 of $6 million - a fraction of the near $38.5 million paid for neighbouring 4 Huriraro Place in 2013.
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The owners, who bought the property four years ago, intended to eventually live in the house themselves but are now selling to put more money into their company.
“The previous owners loved the area so much, they moved just a few doors down, and carried on managing this for us in an arrangement that worked well for everybody.”
The owner says that the property’s flexibility was a huge drawcard.
The property at 146 Paritai drive, currently five residences, has a council valuation of $6 million. Photo / Supplied
“A developer with long-term goals could do what we were planning; living in the family home, renting out the units and figuring out how to best use the site, which is in the Mixed Housing Urban Zone.”
The family home is attractive, spacious and modern. “It was hard to resist because the sea and city views are so amazing both day and night,” he says.
“And I’d have to say that the granny flat has the very best views of the lot.”
Gu says the property has 442sqm (approximately) of floor area, and generates around $170,000 gross rental income when all five residences are let.
Townhouses at 139 Paritai Drive have sold for $4.16 million and $3.2 million in the last 12 months. Photo / Supplied
“Alternatively, a developer could build some stunning dwellings on this large land holding, with incredible views of Rangitoto, Hobson Bay, Orakei, and the twinkling lights of Auckland City by night.”
The units are currently rented and most of the tenants are happy to stay on. The property has 10 carports, plus a double garage and more off-street parking and records show the council valuation is $6 million, $3.9 million of that in the value of the 1420 sqm of land.
A 1940s house at 164 Paritai Drive is on the market for development or renovation, with an auction June 10. Photo / Supplied
Ten houses down the street, another development property at 164 Paritai Drive is being marketed by Bayleys agent David Nightingale for a June 10 auction.
The 1940s two-storied brick house is on the market for the first time in 70 years, and Nightingale is aiming his campaign for the 991 sqm site for either a multi-dwelling development, a future land bank, or possibly as a do up family home.
There is certainly a ready town market for luxury town houses on the street, and the few that come to the market are snapped up quickly.
A five-bedroom immaculately presented town house of 353 sq m just along the road at 139 Paritai Drive sold at auction in March for $4.16 million - $1.135 million above council valuation. Last year, a 304 sqm four-bed townhouse in the same block sold for $3.2 million in August, while at 140D a four bed Pip Cheshire-designed house with a peep of the sea sold mid-Covid.
