The wealthy businessmen behind a $40 million-plus property play in Auckland’s North Shore have also snapped up three lifestyle blocks in Waikato for a total of $19.8 million.
Berridge Spencer and Mark Hiddleston, whose firm Peninsula Capital was revealed to be buying a block of heritage properties in Auckland's Devonport for redevelopment, have recently purchased three homes on Victoria Road, on the outskirts of Cambridge.
The large lifestyle blocks, which have development potential, will give the duo almost nine hectares lodged between the Waikato Expressway and Victoria Road in Cambridge, Waikato.
Spencer is the son of the late John Spencer, who was once New Zealand’s richest man, and Hiddleston is ANZ’s former managing director for commercial, agriculture, UDC and property finance. Records show the Cambridge purchases were made by two entities controlled by the men.
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Vicroad 1 Limited, whose sole director is Hiddleston, bought a basic Lockwood home located on 2.9ha on Victoria Road for $6.2m in February. The vendors, who are linked to well-known car businesses in the North Island, made an impressive on-paper profit of $4.2m in five years after purchasing it for $2m in 2018.
Vicroad 1 Limited also paid $4.1m for a more substantial four-bedroom home on 2ha on Victoria Road in November 2022.
In the same month Vicroad 2 Limited, whose sole director is Spencer, bought a 1960s home on 3.99ha on Victoria Road for $9.5m.
Hiddleston told OneRoof they had purchased the properties as long-term investments and had no plans for them at this stage.
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The three Cambridge properties are surrounded by other subdivisions where the land has been carved up in 4000sqm residential lots, while commercial businesses are located on the other side of the Waikato Expressway in Hautapu. Plans are also underway to build a retail hub near the Cambridge Raceway.
When listed for sale last year, the properties were marketed at investors and developers because of the potential to subdivide the land in the growing town.
“Seldom do we see properties of this scale coming to the market so close to Cambridge CBD, main arterial roads and motorway access, position is truly desirable with the added benefit of excellent school zoning for all levels,” one of the listings said.
Mark Hiddleston outside the strip of buildings Peninsula Capital has bought and is buying. Photo / Supplied
A property on Victoria Road sold for $4.1m in November last year. Photo / Supplied
Cambridge Real Estate salesperson Graham Ban, who was not involved in the sales, said the area within the Cambridge bypass had been earmarked for development for some time and there were very few lifestyle properties like the ones that sold on Victoria Road left.
“Pretty much all of that land within the future zoning has been swallowed up in the last few years.”
Ban said the area had grown exponentially and there were several developments underway near St Peters Cambridge to cater for the predicted population boom.
The real estate agency’s own records show that one in five people who are buying in the town are from Auckland. People are also moving in from Hamilton and other regions.
A major development west of Kelly Road is also underway and includes developing 47.8ha of land into 212 residential lots, a primary school, a retirement village, a commercial area and reserves.
Ban said a lot of discussions have been held with the council to ensure the town keeps its character and the retail hubs do not distract from the main centre and will instead be small service shops for the local area.
There haven’t been any residential sections for sale for about four years since the last lots were sold in the Cambridge Park and Norfolk Downs subdivisions, he said, adding that a lot more due to come on the market soon.
- Click here to find more properties for sale in Cambridge
