A piece of land just one block from one of Auckland’s most popular city beaches sold under the hammer on Thursday for $3.7 million.
The bare piece of land at 11 Marau Crescent, in Mission Bay, was marketed by Bayley's agent Keith Redit as a beachside paradise, located just one street away from Tamaki Drive and a two-minute stroll away from the beach,
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The property – comprising two sections - was bought by a father for his children.
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“He bought it as an investment for his children to put in into their account in the future. A very nice dad, isn’t he?” Redit said.
"This was a once in a lifetime opportunity to secure land one street away from Tamaki Drive. This is the only bare piece of land you will find closest to the beach in Mission Bay.”
The two sections, currently in cross-lease titles, were marketed as one lot. They are zoned for the high-density mixed housing urban, favoured by developers, and back on to the Mission Bay Tennis Club. There is already a three-storey development next door.
Another large bare site at 89 Basset Road in Remuera sold for $4 million in November. Photo: Supplied
OneRoof records show the property last sold at the end of 2019 for $2.48 million. The 2017 council valuation for the land is $1.425 million, with another $275,000 for improvements, but the 1940s dwelling has since been demolished.
Redit said that with six buyers competing, bidding for the section started at $3 million and went up by $100,000 increments before the investor secured it for $3.7 million.
Bare land in the top Auckland suburbs is not easy to come by.
Last year an empty 1034sq m section at 89 Bassett Road, in Remuera, sold under the hammer for $4 million, more than $1 million above its 2017 rating valuation.
Marketed by Barfoot and Thompson agents Leila and David MacDonald, the site previously had four units on it but these were demolished years ago. According to OneRoof records, that property last sold in 2014 for $2.515 million.
