- An Auckland mansion linked to developer Roger Coulson is up for mortgagee sale targeting foreign buyers.
- Coulson's company, CMT Number 1 GP, went into receivership after attempting to rescue Beachcroft Residences.
- The five-bedroom home, initially listed for $8 million, is now being auctioned "as is, where is".
An Auckland mansion listed for $8 million last year is back on the market as a mortgagee sale targeting wealthy families and foreign buyers.
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The five-bedroom trophy home at 40 Bay Road, in St Heliers, is linked to high-profile Kiwi property developer Roger Coulson.
The former CEO of property development and investment company Starline hit the headlines last year after his company, CMT Number 1 GP, went into receivership.
Coulson had been spearheading the rescue and completion of the troubled multi-million-dollar Beachcroft Residences development, in Onehunga, before the collapse of CMT Number 1 GP.
Records show Coulson bought 40 Bay Road in 2024 for $6.7m. He put it on the market with an asking price of $8m in November, but it failed to find a buyer at that level.
The home was relisted at the end of last week as a mortgagee auction with New Zealand Sotheby’s International Realty agent Greg Dennerly.
Dennerly, who recently sold the Glendowie mansion of former NBR publisher Barry Colman to a foreign buyer and has an $18m "fortress" home for sale in St Heliers, declined to comment on the listing.
The listing says the property would suit buyers seeking a large family residence. Photo / Supplied
40 Bay Road might appeal to foreign buyers with the new golden visa. Photo / Supplied
OneRoof also reached out to Coulson for comment but had not heard back from him at the time of publication.
Dennerly's marketing on OneRoof states that the property is being sold "as is, where is" and that "interested parties are advised to rely entirely on their own inspections, enquiries, and legal advice".
The 507sqm home was built in 1990 and is described in Dennerly's listing as a “solid concrete masonry residence”.
“[It] is positioned at the end of a long driveway and occupies a sizeable site of approximately 1859sqm. Resort-like grounds include a tennis court and in-ground swimming pool, together with three-car garaging and additional off-street parking,” Dennerly writes.
“Multiple living and entertaining areas are arranged across three levels with provision for a lift. Entertaining on the lower level is effortless with a kitchenette/bar, lounge, bathroom and gym adjoining the pool and tennis court, while a sweeping staircase in the grand entrance leads to multiple living and entertaining spaces upstairs.
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“The central kitchen adjoins dining and family living spaces, along with additional lounge and entertainment areas, a separate media room and wine storage room. There are five generous bedrooms and four bathrooms, with the private master suite enjoying a luxurious ensuite, walk-in wardrobe and views of the Waitematā Harbour."
"This property will appeal to buyers seeking a large family residence with scope to add value."
Dennerly noted in the listing that the property may be "suitable for overseas purchasers. However, this does not constitute confirmation of eligibility, approval, or suitability for any individual buyer".
The sale of Coulson’s home comes in the wake of the collapse of one of his businesses related to the troubled Beachcroft Residences.
Coulson took over the 85-unit project after it was abandoned by previous owners. Costs had ballooned from $40m to around $85m and construction had been halted for more than a year before Coulson stepped in in 2023.
40 Bay Road sits on a near-2000sqm section and has a tennis court, outdoor pool and lift. Photo / Supplied
Beachcroft Residences in Onehunga, which is now nearly finished. Photo / Fiona Goodall
Coulson’s acquisition of Beachcroft was backed by wealth management fund Alvarium. At the time, Bayleys agent Jack Davies, who marketed the relaunched Beachcroft Residences, said Coulson had offered buyers the opportunity to repurchase their apartments at their original contract price.
Coulson said at the time in a media release: “I am honoured to be part of this remarkable project and excited to deliver an exceptional living experience to our future homeowners.
“Our team is committed to creating an inviting community that blends contemporary design with a strong focus on facilitating quality lifestyles for its residents. We look forward to the construction recommencing in July 2023 and completing the finished apartments in December 2024.”
He took on the project after being contacted by Teak Construction, the main contractors of the residences under the previous owners. “It was an attractive opportunity from day one. Working with the incumbent builder, we had an insider view,” Coulson told OneRoof at the time.
Coulson got to know Teak Construction because the company was pricing another project for him. However, Teak Construction went into liquidation earlier this year.
Beachcroft Apartments LP and CMT Number 1 GP Limited, the entities behind the development, were placed into receivership and administration on October 2.
Two lenders were owed $71.7 million, according to the first receivers’ report.
Auckland Council has recently reinspected Beachcroft Residences for defects, including possible roof corrosion, and has stated it will not sign it off until issues are fixed.
Coulson is a 30-year veteran of property development and has been associated with more than 60 companies spanning development, financing and property investment.
His companies included entities involved in apartments, subdivisions, golf courses, hotels, trust structures, and financing arms.
- 40 Bay Road, St Heliers, Auckland, goes to auction on April 24
