An Auckland property with a CV of $100m has sold during lockdown to a New Zealand buyer.
The 3.17ha property in Remuera was the site of the former Caughey Preston rest home and represents one of the largest redevelopment opportunities in the country.
It is understood the buyer intends to develop a comprehensive, master-planned residential project on the site, and while the sale price can’t be disclosed, the sale was described by agents as a “great outcome for all”.
Colliers International, which marketed the property on behalf of the Caughey Preston trust, told OneRoof that the Upland Road site was the last strategic landholding of scale in the upmarket suburb and that its sale showed confidence in the commercial market at a time of economic uncertainty.
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Blair Peterken, director of capital markets at Colliers, told OneRoof yesterday that agency had received strong interest in the property throughout the campaign, which started in February.
“Despite challenging market conditions during the campaign, it is clear that investors and developers took a long-term view and remained confident in the market’s underlying fundamentals," he said.
Gareth Fraser, director of Auckland investment sales at Colliers, added: “The end result was a freehold sale that was favourable to both vendor and purchaser, making this a great outcome for all.”
The Caughey Preston Trust was the legacy of businesswoman and philanthropist Marianne Caughey Preston MBE, who was a founder of Auckland retailer Smith and Caughey’s.
The buyer intends to develop a comprehensive, master-planned residential project on the site. Photo / Supplied
She died in 1938, leaving most of her self-made estate to the establishment of a trust to provide rest home care for the "infirm, aged or those suffering hardship" in Auckland.
The rest home was subsequently established in the 1960s and evolved to its completed form over 60 years of expansion.
However, in 2017 the trust's board decided to close the care home, which housed more than 100 residents, after undertaking a strategic review of its operations. According to accounts, the home had lost $1.1 million in 2016.
The proceeds of the sale are to be used by the trust to fund other care projects.
Colliers International’s capital markets team transacted the sale in conjunction with the agency’s Auckland investment sales and site sales teams.
Josh Coburn, director of site sales at Colliers, said: “The size, zoning and location made it suitable for a wide range of options including residential, build-to-rent housing, aged care, education, subdivision, or a mix of uses.”
Peter Herdson, national director of capital markets at Colliers, added that it was likely that nothing will change on-site for the next 18 to 24 months.
