A large four-bedroom home with an outdoor pool, tennis court and a CV of just over $2.5m is up for grabs, but buyers better come with a budget of $10m if they want to be in with a chance.
The tired-looking house is on Lake Road, in Belmont, on Auckland's North Shore, and is being sold together with the four-bedroom house next door.
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The houses sit on more than 5000sqm of land over three titles and are being pitched at developers.
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Harcourts agent Hattie Liu, who is marketing the properties with colleagues Betty Gao and Steve McCulloch, said opportunities of that size rarely come up for sale in Belmont.
“Most developers have a budget of around $2m to $3m, so they look at sites in that price range. There’s a very limited number of people who can afford a $10m site and then spend another $10m on the development," she said.
The three titles are zoned mixed housing suburban. Photo / Supplied
So far three people with budgets of around $15m had made enquiries.
The combined site could fit 30-50 units, and Liu said it took her more than three months to convince the two owners to list together. She said the joint listing would amplify the value of the properties.
Normally, development sites on the North Shore zoned for mixed housing suburban are valued at around $2500 to $3500 per square metre.
The listing comes as the Government plans to shake-up planning laws in Auckland.
The Lake Road house comes with an outdoor pool and tennis court. Photo / Supplied
The New Zealand Herald reports that developers will be able to build tall apartment buildings within a 15 minute walk of the central city and a 10-minute walk of 10 metropolitan areas: Takapuna, Newmarket, Henderson, Albany, Botany, Manukau, Papakura, Sylvia Park, New Lynn and Westgate/Massey North.
In the year since the national Covid lockdown was lifted, there has been a lift in demand for properties with development potential. It has become increasingly common to see neighbouring properties being brought to market as one in order to maximise their selling potential to developers.
Big sale prices have been achieved for properties zoned mixed housing urban, mixed housing suburban and terrace housing and apartments.
This 5.7ha site in Manukau is zoned for future urban development and has a CV of $4.235m. Photo / Supplied
In Auckland's south, between Flatbush and Manukau, another large site with development potential has been listed.
Zoned future urban, the 5.7ha Porchester Road site has a CV of just over $4.2m and comes with three-bedroom home valued at $130,000.
The site is listed with Bayleys agents Peter Sullivan and Kristina Liu and last sold in 2013 for $1.68m.
