- A 1920s villa on Remuera’s Medical Mile sold for $4.12 million after fierce bidding.
- The property, bought for $800,000 thirty years ago, attracted three active bidders at auction.
- Bayleys agent Lonny Tian said the location is highly sought after by medical professionals.
A large villa on Auckland’s Medical Mile sold under the hammer last week for $4.12 million - more than five times what the vendor paid for it 30 years ago.
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Three buyers battled it over nine minutes and 49 bids, with the 1920s property at 118 Remuera Road, in Remuera, scooped up by an investor.
“The vendor was very happy. He bought it for $800,000. We knew the price would be around $4m. The house was on a good corner section, and the tenant was a bonus,” Bayleys listing agent Lonny Tian told OneRoof.
The vendor, a dentist planning on retirement, bought the property from his landlord in 1995 and had it partly leased to another dental practice.
The villa on the corner of Remuera Road and Beatrice Road last sold for $800,000 in 1995. Photo / Supplied
The house is currently rented to a dental practice but has potential for upgrading or development. Photo / Supplied
Tian, who marketed the villa with colleagues Lilian Kong and Mike Adams, told OneRoof that properties on Remuera's medical strip were in high demand and typically attracted huge interest from medical professionals looking for offices in the prestigious location.
The property was only on the market for three weeks before it hit the auction room.
“All along the strip, you can see medical specialists and medical centres," he said, adding that many of the offices were housed in traditional villas.
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“It is a high exposure site; people see it when they are walking their dog. We had the open homes early because they wished to come take a look. I had done some research, and these specialists are up early!” he “Everybody in medicine wants to be here. If you buy here, it means you are very successful."
The villa backs onto Beatrice Road and St Michael's Remuera and is one of only two properties on the lane not owned by the Catholic church, the agent said.
“It is a high-exposure site. People see it when they are out walking their dog. We even held some open homes early to get those buyers. I had done some research, and these specialists are up early!” he said.
The Medical Mile strip on the Newmarket end of Auckland’s Remuera Road is still highly sought after by doctors, agents say. Photo / Supplied
Tian said buyers looked at offices and surgeries on Remuera Road as solid investments with good long-term tenants, although developers preferred vacant properties with long settlements.
118 Remuera Road has a tenant locked in until 2028. Tian said that the new owner planned to hold the property but speculated that they might replace the villa with a multi-storey apartment block with offices or shops on the ground floor, as has been done in the nearby St Marks complex.
Tian said that investors with $4m to spend did not need bank finance or a mortgage, so could move quickly when properties like 118 Remuera Road hit the market.
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