- A dated mansion in St Heliers is listed for “urgent tender” due to China’s housing downturn.
- The 5665sqm site could host 20 homes, but agent Jane Wang says demolishing the unique house would be a shame.
- The property, which last sold for $5.76m in 2015, now has a $13.25m RV.
The housing downturn in China is one of the reasons a dated mansion in Auckland’s St Heliers has been listed for “urgent tender”.
Start your property search
Barfoot & Thompson listing agent Jane Wang told OneRoof that a buyer could remove the 1980s-era five-bedroom house at 139 Long Drive and potentially build 20 standalone homes on the 5665sqm site.
However, she personally felt that demolishing the grand house would be a shame, saying it was “unique”.
Another option, she said, would be to renovate the house and only utilise part of the site for townhouse development.
The 1980s-era house sits on a 5665sqm site with dual entrances. Photo / Supplied
The property boasts church-like ceilings. Photo / Supplied
OneRoof records show the property last sold in 2015 for $5.76 million and currently has an RV of $13.25m.
Wang said the owner was a large developer who was nearing retirement and needed to free up funds.
“His business overseas has slowed down, and that’s influencing his cash flow,” she told OneRoof, adding that transferring money from China to New Zealand was harder than it used to be.
Wang said China’s housing market downturn had been a factor, and her client, like many other older developers facing this level of depreciation, had decided to free up cash and enjoy life.
Discover more:
- On the rich-lister street that changed NZ house prices forever
- Ex-All Black Julian Savea on why he's selling his lifestyle block
- Ski town with no shops, no coffee carts - 'we don’t need cafes'
An article in the Asia Society Policy Institute this month said China’s property downturn was in its fifth year “impairing household, developer and local government balance sheets”.
“Since peaking in 2021, property investment has nearly halved, dragging on fixed-asset investment, weakening related employment, and exerting a sustained drag on broader economic growth.”
Wang said newer developers buying into the New Zealand market at this time could potentially make money when activity starts to pick up.
The St Heliers house comes with an outdoor pool, a tennis court, a games room, church-like ceilings, three bathrooms and was built in the style of an old English manor. Wang said it was too big for her client, adding that he had intended to do some development at the site but had never managed to do so.
Also up for grabs in St Heliers is a sprawling estate at 2 The Rise. Photo / Supplied
“It’s a huge section, nearly 6000 square metres in the heart of St Heliers. That’s why I think it’s a very unique chance, and also it’s not one street; it’s two streets, two entrances.”
The listing on OneRoof invites buyers to “live in it, landbank it, develop it”.
The property isn’t the only large St Heliers site on the market. Wall Real Estate is selling a vacant five-bedroom trophy home with pool and tennis court on a 3677sqm site at 2 The Rise. The property has an RV of $23.5m and overlooks the harbour.
Another sprawling estate in the suburb that was looking for around $20m has been withdrawn as a live listing after hitting the market in February. OneRoof understands that 320 Kohimarama Road, which was offered as having significant development potential on 6356sqm of land, will return to market some time later this year.
- 139 Long Drive, St Heliers, Auckland, is for sale, tender closing June 8
