An Auckland developer is quitting nearly 3900sqm of prime real estate in Mount Eden after buying it just seven years ago for $7.5 million.
The 3892sqm site on 305a Mount Eden Road, Mount Eden, is being marketed by New Zealand Sotheby’s International Realty agents Paul Sissons and Margaret Bao.
Sissons would not say what the likely price would be for the rare large site in double grammar school zone so close to the city, but noted the property, which is zoned for suburban density, has a 2021 CV of $9.8m, of which $9.5m is for the land.
The elevated site with a main entrance on Esplanade Road and pedestrian access from Mount Eden Road, was once home to a mayor of Mount Eden, and included a grand house and tennis court, with views across to the city and harbour.
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“The vendor, a developer, has got other projects so now it can be an opportunity for someone else,” Sissons said.
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The agent told OneRoof that the unoccupied 1910 house was ransacked and stripped when tenants moved out as the current owner began work to obtain resource consents for a development.
He said that while the current owner had resource consent for 16 townhouses, developers looking at the project now have also been considering six or seven larger houses at a higher price that would meet the upscale neighbourhood style.
OneRoof figures for June show the average property price in the suburb is $1.792m – 14% down on the same time last year.
The house on 305a Mount Eden Road was trashed, but new owners could re-establish a grand home and tennis court or build townhouses. Photo / Supplied
“And it would be magnificent to build a family home – a big, big house with a tennis court and those views,” Sissons said.
Hopefully the Mount Eden property has better luck than a similarly well-placed plot on 24 Summit Drive, Mount Albert.
That 1857sqm site towards the top of Summit Drive, backing onto Owairaka, was carved off land owned by the Turners and Growers family, as the grand houses nearby testify. But the property, which has a CV of $3.75m has been on and off the market multiple times since 2020.
A 1857sqm property at 24 Summit Drive, Mount Albert, has been on and off the market since 2020. It has a CV of $3.75m. Photo / Supplied
“It’s not a flat site, but it has amazing views,” said Bayleys agent Jock Kooger, who is marketing the property for a price by negotiation with Pawel Smuga and MJ Kooger.
“It’s all home buyers, not developers, because it’s a single house zone. You could build one ginormous home, or our vendors have a consent to split it into two lots so you could build a dream home and sell the other land to fund it.”
And in St Heliers in Auckland's eastern bays, a 3237 sqm site at 5 and 9 The Rise is for sale after plans for a luxury $40m development were abandoned.
Greg Dennerly, owner of New Zealand Sotheby’s International Realty eastern bays office, who is marketing the property, told OneRoof the pair of properties, zoned for suburban density together have a CV of $10.65m.
He has pitched the land as suitable for either a luxury renovation project or a full-scale redevelopment.
- 305A Mount Eden Road, Mount Eden, is for sale by negotiation
