- A strong overseas offer for Pakatua Island fell through due to the Overseas Investment Office process.
- The island remains for sale at $60 million plus $9 million GST, with potential for development.
- New Zealand, Singaporean, and Australian citizens can purchase the island without needing approval.
A strong overseas offer for multi-million-dollar Pakatua Island in the Hauraki Gulf has fallen through.
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Agent Stephen Hudson, director and owner of New Zealand Property Limited, confirmed an acceptable offer had come from an American but pointed to the Overseas Investment Office process as to why the deal had not progressed.
Hudson was tight-lipped on details, but told OneRoof that the result was disappointing for everybody.
The offer falling through means the former resort island, known as Pakatoa Island in its heyday, remains for sale, for $60m plus $9m GST.
Hudson’s listing explains New Zealand, Singaporean and Australian citizens can purchase the 24ha island, which has buildings and facilities, as of right, but other foreign buyers need to obtain OIO approval.
One of three white sandy beaches the island offers. Photo / Supplied
Russell Crowe and his partner, Britney Theriot, at a screening of Crowe's new film, Nuremberg, late last year. Crowe used to work as a bingo caller on Pakatoa Island. Photo / Getty Images
“This application process can involve 3-4 months; we can provide a referral to a local law firm that could be engaged to assist with this process,” he writes.
He also explains that for people purchasing with a GST-registered company or trust for the purpose of a business activity, the transaction could be zero-rated for GST, but if purchasing as an individual without business intention, GST was payable.
OneRoof reported last year that the island returned to market after having been withdrawn from sale in 2024.
Multi-millionaire owner John Ramsey has had Pakatua Island on his books since 1994, said the article. He bought the property for $4.25m and, for a time, lived there with his family.
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Back then, there was a functioning hotel on the island – Oscar-winner Russell Crowe was a bingo caller there prior to his Hollywood career – and the island was viewed as a holiday destination for Auckland families.
Now the island, which is 75 minutes from Auckland CBD by ferry, hosts an assorted array of aged buildings and chalets, and was being sold as a development opportunity, the article said.
Hudson’s listing on OneRoof describes three stunning private beaches, large open grass areas and native, pine and palm trees, all a stone’s throw from Auckland.
“This freehold title island beauty is 24ha of land, with resort buildings and facilities that are prime for modern upgrades/refurbishment or further development or demolition.”
“In recent years, the island has been closed to the public and used as a private holiday destination for the vendor and his family.
The property was once a holiday destination for Aucklanders but is now a shadow of its former self. Photo / Supplied
“The island has the potential, with renovation, to be transformed back into a holiday destination resort or exclusive business conference centre or remain a private haven for your family or group investment consortium.”
The listing says Pakatua Island is one of only a handful of islands privately owned in the Hauraki Gulf, as most are held by the Crown and used as public parks.
“The now somewhat aged buildings need refurbishment or demolition and replacement. They include a restaurant and coffee bar, takeaway foods, tourist bar and lounge areas with kitchen facilities, entertainment and conference centre, reception, offices, and shop. A swimming pool is also located within this area.”
There were staff amenities and facilities areas, maintenance staff buildings and general storage buildings.
“The old guest accommodation on the island consists of 24 beachside cabins and 38 2–3-bedroom units, all buildings constructed by Lockwood, a superior timber frame construction method unique to New Zealand, featuring natural timber interior finishing.
“The 2–3-bedroom units boast majestic views and are fully self-contained on the slopes of the island.”
The resort was opened to the public early in 1965, having been constructed over the latter part of 1964, says the listing.
The island was run as a self-contained visitors facility with facilities and buildings designed to cater for both day and overnight visitors until it closed.
There were also two mini tennis courts, a bowling green, a squash court, a gym and a solarium.
The property is currently supervised by a resident caretaker.
- Pakatua Island, in the Hauraki Gulf, is for sale with an asking price of $69m
