A big piece of land in Auckland’s St Heliers is up for sale after plans for a luxury $40 million development were abandoned.
Greg Dennerly, owner of New Zealand Sotheby’s International Realty eastern bays office, who is marketing the 3237sqm site at 5 and 9 The Rise, St Heliers, told OneRoof the land had been owned by the same family for around 50 years.
Zoned for suburban density, the land comprises two adjoining properties, which together have a CV of $10.65m, of which just $100,000 is for the 1960s house that is located at No.5. Dennerly has pitched the land as suitable for either a luxury renovation project or a full-scale redevelopment.
The owners had earlier partnered with a developer to market The Rise, a complex of 10 luxury apartments that made the most of the double site’s extensive views of the city, Waitemata Harbour and nearby Glover Park. At the time they were marketed in late 2021 to early 2022, five of the apartments had contracts, Dennerly said. The four-bedroom sub-penthouse, with a study and media room, was looking for buyers with a budget of more than $8m while the penthouse had a contract at the time for $9m, he said.
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“At the time, they were looking at $40m sales. All the hard work had been done, it had gone through building consents. It is just an iconic location.”
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The property, which Dennerly is bringing to tender closing June 29 with agent Lenie Buis, still has the large original six-bedroom house with a roof-top terrace, but Dennerly said it is all about the potential of the site in the exclusive street.
He said the vendor now wants to move on, and is selling the site with the approved resource consent for the 10 apartments. Dennerly would not be drawn to comment on the likely price the land would fetch at tender.
The property on 5 and 9 The Rise had been marketed 18 months ago as a development of 10 luxury high-end apartments, as depicted in this artist's render, asking up to $9m for a penthouse. Photo / Supplied
The over 3200sqm site has views across Waitemata Harbour and to the city. Photo / Supplied
“This is the highest point in the Bays, so already has had good interest from international buyers. Some are thinking development, but some are thinking one big house,” he said, adding that many high net worth individuals call The Rise home. Across the road there are houses with CVs of $25m or $30m, around the corner [on Riddell Road] is Graham Hart’s estate, which has a CV of $50m.”
He said enquiries from Canada, Germany and Dubai would be hard to get across the Overseas Investment Office line, but he is entertaining serious enquiry from Australia, Singapore and overseas-based New Zealanders.
“You’ve got the park, you’ve got the lights of the city, the charming village. It’s a cool little community,” Dennerly said.
5 and 9 The Rise is surrounded by luxury homes, some with CVs of $25m or more. Photo / Supplied
Land selling for development in the tightly-held bays is rare.
Further along the road, Barfoot & Thompson agents Paul Neshausen and Kerry Cattrall have a 360sqm three-level 1940s-era home on 607sqm of cliff-top land at 59 Cliff Road which is billed as an investment or apartment alternative. The property above Ladies Bay and zoned for suburban density, has a CV of $6.1m – $5.4m of that is in the land value.
In Mission Bay, Neshausen and Cattrall are marketing a smaller development site of 1416sqm on the flat at 18 Ronaki Road that they say is suitable for subdivision, townhouses or apartments, subject to Auckland Council consent. The property – with a single house zoning two blocks from the beach – has a three-bedroom 1930s house and a CV of $6.8m.
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