A 3.5608 hectare residential development site on the Hingaia Peninsula in South Auckland has sold at auction for $16.8 million – the second highest value under-the-hammer sale recorded for a single property in Bayleys Real Estate’s 49-year history.
The land at 169 Park Estate Road, marketed by Peter Sullivan and Kristina Liu of Bayleys Takanini office, has a 2021 Auckland Council Capital Valuation (CV) of $11.69 million and was put up for sale by a family who have owned it for nearly 30 years.
“They bought it as an investment property for their retirement and decided that now was the right time for them to sell,” Sullivan said. “It is one of the very few sites in this sought-after part of South Auckland that up until now hasn’t been tied up by developers.”
Bidding on the property started at $10million and then stopped at $11 million. After lengthy negotiations with the top bidder, that bid was raised to $15.5 million, and the property was declared “on the market” by auctioneer George Yeoman. Another party then joined in the action and a further eight bids took the final price through to $16.8 million plus GST, if any.
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Sullivan says the property which currently has a Mixed Housing Suburban zoning was bought by an experienced developer who has already undertaken housing projects in Hingaia.
“They are looking well beyond the current downturn in the market and have a lot of confidence in the future of this area. It is arguably the best development location in South Auckland given its attractive position alongside the Pahurehure inlet of the Manukau Harbour while still being close to the southern motorway and Papakura and its train station.
“The property they have bought also benefits from infrastructure and services which are already being put in place for surrounding housing developments.”
These include a recently upgraded motorway crossing bridge on Park Estate Road, a primary school currently under construction as part of the neighbouring 97ha Park Green development which will also encompass a neigbourhood centre and extensive cycling and walking trails and waterfront reserves.
The Park Green project is being master planned by the Hugh Green Group and will include around 1250 dwellings, the first of which are already being built by Fletcher Living.
Kristina Liu says other attractive features of the offering included the land’s flat contour and easy access as well as proximity to ACG Strathallan school, Hingaia shopping hub, the new DoubleTree by Hilton Karaka hotel and the proposed Drury Town Centre.
“The land at 169 Park Estate Road is ready to be taken to the next stage to capitalise on the extensive investment being made in this area to ensure that it is a highly desirable location for new housing.”
This transaction follows another large auction sale, on behalf of a deceased estate, of 32.07ha land at 2247-2289 State Highway 1, Bombay for $12.65 million.
Also marketed by Peter Sullivan and Kristina Liu in conjunction with Shane Snijder of Bayleys’ Pukekohe, it comprises mostly vacant rural land held in seven titles. Sitting atop a hill at the southern entrance to Auckland, the property is best known for its popular fruit and vegetable retail outlet located alongside the motorway.
Also selling for in excess of $5 million at auction was a Town Centre zoned 2,280sqm commercial site in Papatoetoe. Located at 66-88 East Tamaki Road, it was originally scheduled to go under the hammer at Bayleys next round of Total Property portfolio auctions in Auckland on July 20.
The auction was brought forward after the vendor received an offer they were happy to accept and it sold with vacant possession for $5,008,000 through Oscar Kuang and James Chan of Bayleys’ international division.
Kuang says the purchaser will be looking at options for adding value to the underutilised site which currently has a 439sqm building. The zoning allows for buildings up to 18 metres high
“It’s a very well positioned site with nearly 50 metres of exposure to a busy main arterial and some high profile neighbours, including a Z service station next door, a Mobil station across the road and a KFC restaurant two doors down.”
- Article supplied by Bayleys
