A semi-completed clifftop home overlooking Auckland’s sought-after Cheltenham Beach has sold for $2.4 million, OneRoof can reveal.
The property failed to sell at a mortgagee auction late last year but appears to have sold soon after. At the December auction, bidding reached $2.1m before the property was passed in.
OneRoof understands hosue has been bought by a neighbour on the exclusive clifftop street, where property values can reach up to $13m.
The most recent CV valued the property at $5.25m, although most of that was for the 531sqm section. The unfinished house had a value of just $145,000.
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Barfoot & Thompson agents Philip Davies and Ari Tidyman had listed the house in November last year, pitching the property as an opportunity to finish the current project or create a new waterfront paradise.
“According to the mortgagor, major foundation and cliff stabilisation work has been carried out. The original bungalow is currently under renovation with plans to be extensively upgraded with spacious open-plan living, outdoor decks and large basement area,” the agents noted in their advertising," the listing said.
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“Another option is to take advantage of the extensive site works and come up with your own plans.
The property had been listed for sale with Bayleys in June that year and was owned by local developer Steve Barrett.
Bayleys agent Charles Bidwell, who was marketing the property with Victoria Bidwell, told OneRoof at the time that interest in the property had been high, but due to the incomplete state of the house it was hard to value.
“It’s tough to get where it’s at for value,” he said.
The listing photos show evidence of the half-finished construction work. Photo / Supplied
The house was sold in an "as is, where is" condition. Photo / Supplied
The agents said the majority of the hard work has been completed, including the engineering of the waterfront cliff, all foundations and extensive engineering for the lower level, and at the time the chattels included joinery, numerous French doors and part of the kitchen.
“Consented plans are available to finish the home to a high level or you may choose to alter the plans and get new consents to realise your own vision,” the Bidwells said at the time.
“A lot of buyers are from the construction industry, they have a good feeling for what it could be turned into, either for their own homes or to on-sell,” he said.
The property had made headlines 10 years ago when Barrett had begun elaborate anti-erosion work to protect the property he had bought that year.
The work included repairing the vertical face of the cliff, inserting some 45 soil anchor rods, before adding mesh, fibre glass matting and stainless steel wires to support new native planting, according to the Herald report.
In a 2016 report in the Devonport Flagstaff newspaper, Barrett said his plans for the home involved turning the original one-storey, hipped-roof bungalow into a three-level five-bedroom, three-bathroom house, with a media games room, cellar bar, library and scullery.
Barrett's company is a boutique construction firm specialising in high specification architectural projects. It is understood that work on the development stopped some time ago.
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