Three neighbours on one of Auckland’s most expensive streets have come together to sell their “empty nests” as one big development site.
The properties for sale at 21, 23 and 25 Paritai Drive, in Orakei, sit on a 3322sqm section and have a combined CV of almost $15 million.
The site up for grabs through Bayleys listings agents Gavin Lloyd and Suzie Wigglesworth is one the largest land holdings on the street, offering 61 metres of street frontage and unrestricted views across the harbour.
The agents told OneRoof a new owner could potentially build a boutique apartment block on the site or a large trophy home.
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Paritai Drive is already home to this year’s most expensive house, an Italianate mansion that sold in March for $21.84m, and the former Hotchin mansion, which smashed NZ records when it sold for $38.5m in 2013.
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The latter property, which is owned by rich-lister businessman Stone Shi and boasts 2568sqm of house on 4322sqm of land, was also originally three titles, according to OneRoof’s data partner Valocity.
Wigglesworth told OneRoof numbers 21, 23 and 25 Paritai Drive were zoned mixed housing urban, which meant the houses there could be demolished or removed.
One of the homes is an original 1930s house with landscaped gardens and a pool, while the middle property has a second dwelling and the third property has been recently renovated.
Wigglesworth said the homes did not have overlays or heritage protection. “The intent is that someone comes along, buys the piece of land, maybe tenants the properties whilst they’re getting a design and consent for what they build on it,” she said.
21 Paritai Drive has a 2021 CV of $4.3m. Photo / Supplied
23 Paritai Drive consists of two houses and has a CV of almost $6m. Photo / Supplied
25 Paritai Drive has a CV of $4.6m. Photo / Supplied
“We think that it affords an apartment development best – that’s how you maximise the value of the site.”
While an apartment complex would be a first for Paritai Drive, Wigglesworth pointed to luxury apartments being built on nearby Karori Crescent.
“We see that type of development as what would end up going on this site.”
She said three neighbours on a street like Paritai Drive all wanting to sell at the same time was unusual.
“They are all empty-nester downsizers. The kids have grown up and left home and they are at a point of, ‘Do I carry on and renovate again? Do I sell up and go travelling?’ I think that’s kind of where they are at.”
Neither Wigglesworth nor Lloyd would give a price indication, as the site is going to tender in February next year, but Wigglesworth said the value was in the land rather than the homes.
2024’s biggest house sale is this Italianate mansion on Paritai Drive. It sold in March for $21.84m. Photo / Supplied
This huge Paritai Drive home smashed records in 2013 when it sold for $38.5m. Photo / Supplied
Lloyd said the consolidated arrangement removed a lot of the guesswork for potential developers. “From a developer’s point of view, there’s a lot of risk associated with trying to amalgamate sites. If they choose to do a luxury apartment scheme, that gives a developer a real head start.”
An alternative to apartments could be the opportunity for a “super-wealthy rich-lister” to reproduce a Hotchin-type estate with a trophy house with tennis courts and pools, Lloyd said.
Wayne Shum, senior research analyst for Valocity, said arrangements like this between homeowners did not happen often as the details could get complicated.
“More often than not if you want 3000 metres along the waterfront or somewhere, say in Takapuna, or here or anywhere else, you tend to buy one at a time.”
The view from 21,23 and 25 Paritai Drive. Photo / Supplied
The Bayleys Information Memorandum for the site describes it as “the largest single-site opportunity in recent history”.
“The natural topography of the site would cater for a new large multi-level grand estate able to accommodate all of the owner’s unrestricted wishes, or a luxury apartment development while maintaining uninterrupted harbour views.
“The extensive street frontage provides further opportunity to create a distinguished architectural statement.”
The memorandum said a bulk and location study had been prepared by Sumich Chaplin Architects and was available to pre-qualified parties.
- 21,23,25 Paritai Drive, in Orakei, Auckland, is for sale by way of tender, closing February 12
