- Two sections in The Glades Waterfront Estate are being sold at a mortgagee auction this month.
- The estate, near Ōpito Bay, has struggled with sales, with only six of 14 lots sold.
- Bayleys Whitianga is marketing the properties, highlighting the area’s natural beauty and eco-friendly environment.
Two coastal sections in a gated Coromandel eco-community are being sold at a mortgagee auction this month.
Start your property search
The mortgagee is selling plots in The Glades Waterfront Estate, near Ōpito Bay: an entry-level 1979sqm section at 216K Matapaua Bay Road and a 2884sqm clifftop site at neighbouring 216Q Matapaua Bay Road.
The estate was launched in 2020 and, according to the developer’s website, was a “rare opportunity to own a piece of coastal history”.
It is just over the hill from the luxury baches owned by rich listers and celebrities and is in a neighbourhood often regarded as one of New Zealand’s best.
Only six of the 14 lots in the subdivision have changed hands, for between $550,000 and $1m, OneRoof-Valocity records show. Two of the sites have houses on them, and a third has building crews on site.
Each section in The Glades differs in terms of privacy, position and views. Photo / Supplied
The remaining eight sections, including 216K Matapaua Bay Road and 216Q Matapaua Bay Road, are owned by The Glades Coromandel Limited.
The Glades Coromandel director Bryan Storey, who is also behind a high-end waterfront subdivision in Waipu, told OneRoof the market had been tough.
“We have got caught with a beautiful product, but nothing has sold for several years, so we want to liquidate some money out of it.”
Storey said he expected the two sites would be the only ones sold by the mortgagee, Mortgage Trustee Limited, adding that one of the auctions might not go ahead because of a slip at the site.
Discover more:
- First ‘golden visa’ sales: Buyers from Germany, US, Korea and China snap up Kiwi homes
- MrBeast’s secret NZ hideaway: Luxury Waikato manor up for grabs
- Mortgagee sale of $8m pad linked to troubled apartment block
Auckland-based lawyer Michael Foley is the sole director of Mortgage Trustee Limited and also one of the directors of FH Trustee Company, which is also listed as one of the shareholders of The Glades Coromandel Limited.
Storey would not say whether he was also linked to the Mortgagee Trust Limited. “Maybe I am, maybe I’m not,” he said.
“There’s far more to the story than meets the eye,” he added, declining to give further detail.
Bayleys Whitianga, which is marketing the two properties on behalf of the mortgagee, said both properties were still going to auction.
The subdivision has breathtaking views out to Mercury Bay. Photo / Supplied
Bayleys listing agent Linda Bird said there had been a slip of the edge of 216Q Matapaua Bay Road at the bottom corner of the site after the January storms, but it was well away from the designated building location. The other section had been unaffected.
Bird said the covenants were relaxed as the design was in keeping with the coastal environment. Cats and dogs, however, were not allowed in the gated community.
“It’s a highly sensitive eco-area. The natural beauty up there is outstanding. There’s kiwi up there, there’s kereru, tui, we have kaka coming in – it’s really for people that want to be a little bit out of the way but be in a really stunning natural environment.”
Each lot offered something different in terms of privacy, position and views, she said.
“It’s somewhere [that offers] kids that traditional run around in the bush, run down to the ocean and have a swim, catch a fish location. They are harder to find, and this is one of the few places left.”
She had fielded interest from local buyers as well as from expat Kiwis looking for a bolthole well away from the conflicts in the Middle East.
Bayleys Whitianga general manager Shaun Paterson said The Glades was better value than Ōpito Bay. “Although it feels exclusive, it’s not at a price point that’s necessarily a high net worth market. The last one we sold in there was to a young local guy who loves his free diving with a young family.”
Paterson declined to give a price indication for the sections, but said there was a strong motivation to sell.
Owners in The Glades have a share of 28 hectares of ancient native bush behind the sections and direct access from the development to Matapaua Bay and Sandy Bay.
- 216K and 216Q Matapaua Bay Road, near Ōpito Bay, go to auction on April 16
