- A 2.2ha block on Lake Pupuke in Takapuna sold for just under $60m.
- The site, marketed for development, allows up to 145 residential units.
- Lakeside Investments, owing $77.9m, went into liquidation leading to the sale.
A 2.2ha block of land on the shores of Lake Pupuke, in Auckland’s Takapuna, has sold for just under $60 million, OneRoof can reveal.
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The vacant site at 2D Northcote Road hit the market in February this year after owner Lakeside Investments went into liquidation.
Collier listing agents Josh Coburn, Shoneet Chand and Blair Peterken had pitched the property as a development opportunity in their marketing, noting that the zoning allowed a buyer to build up to 145 residential units there.
“A draft concept design plan created by A Studio Architects demonstrates a combination of 14 elevated, stand-alone lots, one superblock of terraced housing, and four super lots supporting blocks of apartments and units up to 14.5m, although buyers are encouraged to consider alternative development schemes,” Coburn told OneRoof in February.
The property at 2D Northcote Road was pitched to developers. Photo / Supplied
Records show the property sold for $59.95m in September – $2.55m below RV. OneRoof has asked Colliers who bought the site and for details of the deal, but had yet to hear back at the time of publication.
The sale price is the highest this year for residential land, eclipsing the $19m achieved in July for a 4.19ha block on Fred Taylor Drive, Westgate, and the $18m for a 4.89ha property on Yelash Road, in Massey, fetched in a receivership sale in June.
The New Zealand Herald reported in February that Lakefront Investments’ sole director was Kerry Hitchcock, a former managing director of NPT. He declined to discuss the sale with the Herald.
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The Herald reported that defaults on a loan resulted in the financier calling in the receivers, Brendon Gibson and Daniel Stoneman, of Calibre Partners, in September last year.
The report by Calibre Partners, quoted in the Herald, said Lakeside Investments owed $77.9m.
Chand, director of investment sales at Colliers, told OneRoof in February that the location would attract the attention of serious developers.
“The site is well supported by high-quality local schools, including Takapuna Primary, Westlake boys and girls secondary schools, Takapuna Normal Intermediate, and Carmel College,” he said.
“There is also an extensive array of hospitality and shopping options across Takapuna as well as the Northcote Shopping Centre, meaning the surrounding area has something for everyone.”
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