- An eight-bedroom Victorian mansion in St Marys Bay sold for $7.9 million, nearly seven times its 1993 purchase price.
- Colliers agents highlighted the property's development potential, with zoning allowing for apartments or townhouses.
- Strong demand for high-end apartments in the area has led to significant sales, including units fetching more than $5m.
An eight-bedroom Victorian mansion bought 30 years ago for $1.2 million has resold this year for nearly seven times as much.
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The $7.9m deal for the grand villa off Shelly Beach Road, in Auckland's St Marys Bay, was closed in April by Colliers agents Adam White and Ned Gow.
The agents had pitched the property to developers, highlighting the potential to replace the mansion with an apartment block or multiple townhouses.
The eight-bedroom Victorian house last changed hands nearly 30 years ago for $1.2m. Photo / Supplied
The property was pitched at developers as it had zoning for suburban development with easy access to the city. Photo/ Supplied
White declined to reveal the identity of the buyer when contacted by OneRoof, but the sale price - nearly $2m above CV - reflected the near-1700sqm site’s favourable zoning.
“St Marys Bay and Shelly Beach Road have undergone extensive development in recent years with an array of townhouse and apartment projects complete and underway,” the agents said in their marketing.
“There is proven demand in the area and this site offers a rare ability to capitalise on the growth.”
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The agents are also targeting developers in their marketing for 45 Shelly Beach Road. The three-bedroom brick and tile home has an asking price of $3.6m and sits on a 584sqm site that is zoned for apartments and townhouses.
In their marketing, the agents note the “future development" potential of the property and that the THAB zoning would allow for a 16-metre-high building with clear views of the harbour and city.
Strong demand for high-end apartments in St Marys Bay has resulted in some big sales in recent years. The penthouse and sub-penthouse at the boutique XXXII at 32 Shelly Beach Road fetched more than $7m and $5m respectively.
45 Shelly Beach Road, in St Marys Bay, is also zoned for apartments and has an asking price of $3.6m. Photo / Supplied
A stylish villa on Seymour Street, St Marys Bay, sold under the hammer for more than its RV of $3.8m after just three weeks on the market. Photo / Supplied
And units in the neighbouring luxury eight-unit development at 87 Shelly Beach Road hit the market with price expectations of up $11m.
New Zealand Sotheby’s International Realty agent Pene Milne, who has closed several big apartment deals in St Marys Bay, told OneRoof the suburb was “the whole package”.
“It is walkable and character-filled, and so many of the homes have views. There are real pockets of luxury,” she said.
“People in the area look at everything, and they know if they find their ‘it’ house there, they understand its value.”
St Marys Bay local of nearly 40 years, agent Martin Dobson, of Kellands Real Estate, told OneRoof his neighbourhood was a “fantastic pocket” that pulled in buyers from around the city.
He pointed to a property he recently sold with colleague and Caroline Daniels within three weeks of bringing it to market. The attractive villa on Seymour Street was snapped up by a young family for more than its CV of $3.8m
“It’s a site that will take advantage of its land size long-term, over time they will do something,” Dobson said.
He said typical buyers in the suburb were downsizers from Auckland's eastern bays and double grammar zone suburbs.
“They want to lock up and leave. The marina is a drawcard, and there are lovely walks and restaurants round there. They have very specific needs, and I have got buyers who still have not found something yet.”
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