Rich-lister Kiwis Simon and Paula Herbert have relisted their waterfront mansion six months after pulling it from the open market.
The couple have once again tasked Wall Real Estate agents Graham and Ollie Wall with selling 15 Cremorne, in Auckland's Herne Bay, and have upped their price expectations by more than $10 million.
Ollie Wall told Business Desk that the price of the 1075sqm, six-bedroom house was north of $60m - more than double its RV.
When the property was removed from the open market in April, OneRoof asked Graham Wall if it had sold. He replied that he could neither confirm nor deny the sale. “I cannot say a single word about it,” Wall said.
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A deal was close. Ollie Wall told Business Desk that a US-based Saudi purchaser had made an offer that the Herberts accepted, but the deal fell through.
Business Desk reported that "the timing wasn’t right for the family to move to New Zealand".
The six-bedroom residence is being sold by entrepreneurs Simon and Paul Herbert. Photo / Supplied
The couple bought the property in 2018 for over $20m and have given it a thorough makeover. Photo / Supplied
The house comes with a stunning underground wine cellar. Photo / Supplied
A deal at $60m-plus would propel 15 Cremorne into the record books. The current record of $45.5m was set in 2023 with the sale of the Chantecler estate, in Queenstown, to entrepreneur Karl Jameson. That deal, brokered by Hamish Walker of Walker & Co, was all about the land and its development potential.
The reported $40m-plus sale of Andersons Cove by Bayleys agents Duncan Ross and Sarah Dyer was as much a land deal as a luxury home transaction. While the waterfront estate features at Langs Beach a resort-style residence designed by acclaimed architect Andrew Patterson, its real value lies in the 48 hectares of prime coastal land it occupies.
Land is also at the heart of Auckland’s current house price record. Last year, Bayleys agent Edward Pack secured $43 million for a luxury home on Remuera’s Arney Road. While the house itself was impressive, there are plenty of high-end homes on the street. What set this one apart was its 1.2ha of private, harbour-facing land.
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The Herberts' mansion, designed by Brent Hulena, is impressive.
The Walls' listing calls it a "rare blend of peak architecture, prime position and total privacy".
"The contemporary and sophisticated residence has been completely reimagined and spans three levels, including an extensive underground wine cellar and bar, all executed to the very highest standard," the listing says.
"The main residence offers four bedrooms and nine bathrooms, and a guesthouse at the rear of the property provides a further two bedrooms and complete seclusion for guests. The estate is completed with a boatshed and consented helicopter landings."
In the Herberts' favour is the dearth of high-end listings currently on the open market. The handful of expensive Kiwi homes vying for the attention of wealthy buyers - domestic and foreign - are all in the $30m-$40m price bracket. Most have been on and off the market for over a year now.
When the Herberts first put the home on the market, in September last year, the rules allowing purchases by foreign investors were six months away. The AIP visa has opened up the prestige property market, but so far only 32 homes have been purchased under the scheme.
At $60m-plus, the Herberts' home would also be significantly above the Herne Bay record of $38m, paid last year for a waterfront home on Marine Parade. And rich-lister developer Ben Cook got just $35m for his waterfront home, which sits on 4000sqm.
Ollie Wall told OneRoof that building 15 Cremorne Street from scratch would cost much more than the asking price. “They [the Herberts] paid $27.5million and then completely gutted the house. To build that house would cost well over $25m. The land alone would be over $30m,” he said.
“And then there’s the unknown value of the helicopter landing and boat shed. There are only two other properties on the Herne Bay waterfront that can land a helicopter, and it is starting to look impossible for anyone else.”
Wall Real Estate agents (from left) Andrew, Graham and Ollie Wall. Photo / Fiona Goodall
He pointed to the $25m paid three years ago by Zuru owner Nick Mowbray for a “bowler” on neighbouring Marine Parade, noting that that waterfront property had a shared driveway, no boat shed and no helicopter landing.
Ollie Wall told OneRoof that when the tender for 15 Cremorne Street closed earlier this year, there were four good offers, including one from a US-based family who had gone through the entire OIO process before deciding they weren’t ready to move countries.
While he couldn’t disclose that price, he noted it “was something the vendors were happy with”.
He noted that 15 Cremorne was one of only two or three other properties in Herne Bay that could fetch $60m-plus, including one on the same street that has just finished a mammoth new build with architects Fearon Hay.
Ollie Wall said the agency took confidence in its pricing expectations from the earlier tender process and recent discussions with offshore agents, buyers' agents, high-net-worth individuals and family offices.
“New Zealand is the flavour of the month and back on the hit-list for the ultra-wealthy. It's a big part of the conversations they’re having in Australia or the US."
New Zealand Sotheby’s International Realty agent Suzanne Browne, who also sells high-end homes in Herne Bay, said that $60m was achievable if the right buyer came along.
“You can ask $60m, but do you get $60m? But it does highlight the fact that it is a very high-end property,” she said.
Colleague Patrick McAteer noted there were several properties in the suburb “hovering over” $40m. “I didn’t blink at $60m [for 15 Cremorne Street]. You could see it was worth that.”
However, the opportunities for buyers at that level were small. “It is very thin air at that level for high-end properties,” he said, adding that the low uptake of Kiwi homes by foreign buyers with AIP visas reflects the lack of stock.
Buyers are keen, he said. “We had a client tell us he was just at an AI conference in San Francisco, and New Zealand was identified as the safe hub.”
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