A huge chunk of beachfront land in one of Auckland’s wealthiest suburbs has been put on the market for sale.
Property investor Andrew Krukziener is selling his collection of six properties in Karaka Bay, St Heliers, which he has amassed over the last three decades.
The properties, which include two empty plots of land, have a combined CV of almost $20m and cover 6600sqm of land that slopes down to the secluded beach where the heads of Auckland’s Iwi first signed the Treaty of Waitangi.
Krukziener, best known for his New York-style Metropolis apartment building in the city, had spent millions buying the six properties on Peacock Street, but is now selling up.
Start your property search
Bayleys agent John Greenwood, who is marketing the properties with CBRE’s John Holmes for sale by tender, closing April 21, told OneRoof the combined offering had 105 metres of beach frontage - the widest waterfront access of any property in the eastern suburbs.
“You might see waterfront sites in Herne Bay or Stanley Point, but they’ve got $8m houses on them,” he said.
The properties sit below rich-lister favourite Riddell Road. Neighbouring properties include Graham Hart’s mega mansion 200 metres up the road, while next door is another property valued at $12.25m.
Greenwood told OneRoof that there are a number of people who could spend up to $100m putting together a family estate in Auckland.
Andrew Krukziener in 2010. His collection of properties have a combined CV of nearly $20m. Photo / Greg Bowker
“Nine years ago, when Paratai Drive’s Hotchin mansion sold [for $38.5m] that set a limit. But there are properties out there now worth in the order of $50m - they’re just not for sale.”
He said other buyers interested in the six properties would be developers, with 40% of the Peacock land zoned for density.
Krukziener himself had drawn up plans for a 27-apartment complex on the land. He also commissioned top architecture firm Archimedia to design a 1400sqm mansion.
“If you look at putting in 27 apartments at an average of $4m each, you’re getting to $100m of real estate,” Greenwood said.
“You’re certainly catering for an exclusive market.”
Krukziener made his first purchase in Karaka Bay in the mid-1990s when he bought a brick and tile home at 15 Peacock Street and has steadily built up his portfolio over the years.
Greenwood said all of the houses in the portfolio were currently tenanted.
An aerial view of the six properties. Photo / Supplied
The collection represents a significant chunk of Karaka Bay, which is only accessible by walkway.
“It’s a stunning good chance, a piece of land that could be for one person, or equally could be developed. The steps to Karaka Bay are through protected bush, it’s a little gem of a bay, and it has such history,” Greenwood said.
There is an ecological overlay on an ancient pohutukawa on the site, said Greenwood, but the majority of the land is available to build on.
Rich-listers building up waterfront estates is nothing new in Auckland.
Hart has spent decades accumulating the land and properties that make up his estate on Riddell Road.
And at Stanley Point, near Devonport, one of New Zealand’s wealthiest men, Berridge Spencer, is building a sprawling luxury house set on about 1.5ha, made up of some 17 titles.
