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Last of Waikanae Estate Sells 40 Years After First

Last of Waikanae Estate Sells 40 Years After First

23 July 2004 :

It was an historic moment for Principal and auctioneer of Harcourts Mana-Kapiti-Horowhenua, Mick Robbers, earlier this month when he auctioned the last of the well-known Pharazyn Estate sections at Waikanae, having been involved with the release of various stages since the early 1970s.

A total of 33 sections were offered Friday 9 July with 30 selling under the hammer and the balance selling shortly afterwards. The sections ranged from 640sqm to four large lots up to 2400sqm situated a block back from the sea with a range of views. Final sale prices went from $64,000 to $120,000 for a total of $2.69 million, with most buyers from the wider Wellington/Manawatu region.

Marketed by Harcourts Waikanae Sales Consultant, Paul Workman, expressions of interest for this final release began six months ago with buyers waiting until now to purchase the last of the Pharazyn Estate. Mr Robbers remarked there was excellent interest on the day with 2-3 bidders for each lot.

He noted that sections in the very early stages were sold for “$1 down and $1 a week to pay it off” with the buyers at each release over the past four decades having enjoyed “significant purchaser capital gain and appreciation far in excess of expectation.”

Pharazyn Estate has been developing the Northern part of popular Waikanae since the late 1960s, when the community had few permanent residents and was considered a weekend seaside destination. Mr Robbers said many weekend retreats had become permanent residences and expected these latest sections to also join the permanent population of around 9,000.

Mr Robbers added the WN Pharazyn Trust was a well-known charitable organisation involved in rat eradication on Kapiti Island among a range of conservation work. Trust Solicitors Shane and Mical Treadwell (father and son) of Treadwell Stacey Smith, Wellington have acted for the Pharazyn Trust and Estate from the first release.

ENDS

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