A pair of 1990s houses on a 875sqm site in Auckland’s blue-chip suburb of Orakei sold under the hammer for $5.508 million - almost $2m above their combined CVs.
Bayleys agent Murray Wallace, who marketed the duplex homes on Ngaiwi Street and Awarua Crescent with Robert Ashton, says this was the “ultimate development site.”
“It has sensational views to the city. They're not making any more land like that,” he says.
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The streets are the next block over from Paritai Drive, home to New Zealand’s most expensive house, and overlooks Hobson Bay, Parnell and the city. The property had been marketed as a cornerstone site, with dual street and double-site access.
Wallace says that the vendors, who have been there many decades, recognised the appeal of the section to developers so had architects prepare sketches of what could be built on the land, up to six apartments.
The 875sqm property was marketed for its grandstand views of Hobson Bay, Parnell and Auckland city. Photo / Supplied
“The vendors were smart enough to show what you could do. While we had buyers looking to build their dream home on the site, it was really developers, or people who could hold and develop, who were looking,” Wallace says.
“Everybody was happy with the price.”
The corner site, currently with a pair of duplex houses, has dual street access. Photo / Supplied
Wallace and Ashton had five developers interested in the property, with two duking it out at the auction. While he could not reveal the identity of the buyer, Wallace understands the developer will go ahead and replace the houses, currently rented at $2600 a week.
Architects had prepared sketches to show how six apartments could be built on the site. Photo / Supplied
“They’ll sit down and take a breath. It will take up to a year to get their ducks in a row.”
The sale follows the $5.45m paid at auction last month for a run-down property on dress circle Paritai Drive, this was $2.45m above its 2017 council valuation.
The 1930s English-style house at the city end of Paritai Drive, on the market for the first time in 70 years, was on 990sqm of elevated land, with grandstand views of the city and Hobson Bay, and had the much-coveted multi-house urban zoning for density.
