One of the largest land holdings in Auckland's most sought-after suburb has sold for $15.5 million, OneRoof can reveal.
In what is the city's biggest settled property sale post-Covid, the six-bedroom mansion in Remuera was snapped up by two of New Zealand's leading business figures.
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The colonial style-property, which boasts its own tennis court and sits on a whopping 3,915sqm section over two freehold titles, was sold by SkyCity chief financial officer Rob Hamilton in August last year, just as the Auckland property market was heating up.
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The sale price had been confidential and it is only now that the information is in the public domain.
The deal was brokered by luxury real estate agent Michael Boulgaris, of Boulgaris Real Estate. Boulgaris told OneRoof: "We had three substantial offers on the property, all around that price.
“The buyers are out there. That property would have flushed out 20 buyers with budgets of $10 million to $20 million. I’m forever combing and networking for quality stock.”
Boulgaris said that while initial interest was high from overseas buyers, once Covid struck and buyers could no longer get into New Zealand, the interest from local buyers picked up.
“In Remuera, they’re all locals - they move within a one-to-two-kilometre radius. People are moving sideways, or, depending how nice they are, upwards or downwards.”
Agent Michael Boulgaris: “For some deals, I can’t even disclose who the buyer is to the vendor.” Photo / Ted Baghurst
He said that with most luxury sales, buyers and sellers imposed strict confidentiality clauses. Most of his sales, he said, were “under the radar. I don’t gossip."
He added: “For some deals, I can’t even disclose who the buyer is to the vendor. I have them provide a letter of credit from the bank to show the vendor these are qualified buyers before I can take them through the property.”
The property's new owners wished to remain private, but they are high-net worth individuals who have made names for themselves in business circles.
In an interview with the New Zealand Herald when he first listed the property, Hamilton said properties at the top end of the market were "selling comfortably above CV". His own property had a combined 2017 CV of $15.1 million.
The mansion is one of several top-end Auckland properties that have fetched top dollar in the market's heated run post-Covid.
According to OneRoof figures, five properties in the Remeura area have sold for $10 million and above in the last 11 months, including the house that former All Black captain Sean Fitzpatrick once owned. A clutch of properties in Auckland's North Shore have also broken the $10 million barrier.
The biggest sale of the last 12 months was reportedly for an Auckland home that was formerly owned by the Kiwi director of Shrek and the Chronicles of Narnia and that was purchased by former All Black Ali Williams and the sister of billionaire Zuru Toys owner Nick Mowbray.
That sale price, rumoured to be $23 million, still remains confidential.
Boulgaris said that Remuera mansions tended to stay in the same families for 20, 30 or even 50 years. He said that he often had to explain the quirks of the New Zealand luxury housing market to international buyers hunting with $30 million budgets.
“They have a very strict criteria. They must have a helicopter pad in Remuera, and they all want a massive wine cellar and a massive garage for multiple cars. I have to explain we’re humble at $10 million or $15 million, and that money doesn’t talk here - it’s not Hollywood.”
Boulgaris said he sold a luxury property on a sprawling site on Benson Road, Remuera, twice in one month last year. “I sold it for $8.5 million and then on-sold it on a trade for $500,000 more,” he said.
