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Sections in exclusive coastal estate snapped up by buyers

Bare sections in exclusive coastal estate snapped up by buyers

A yet-to-be developed coastal lifestyle subdivision on Auckland’s northern city boundary has attracted strong demand from buyers, with a first stage of 20 lots selling out within six weeks and a second stage selling strongly.

Public sales within WeitiBay are now being spearheaded by Bayleys Real Estate in a joint agency with another real estate company. Since public marketing of the first stage of sections at WeitiBay began some six weeks ago, a total of 25 sites have been sold with a further six sites being held on short term options to buy.

Sales prices have ranged from $800,000 to $1,400,000 for sections with direct sea views. The top sales price to date was on on-sale from an investor who had bought a bulk lot of sales selling a section to a North Shore family who wish to build a private family home.

Bayleys Orewa salesperson Michael Guy said the headlining $1.4 million WeitiBay sale highlighted the value on offer at the coastal subdivision, and underpinned prices now being achieved through general sales.

Mr Guy said the average sale price of the sections sold through Bayleys was $941,000 for plots ranging between 1500 and 2000 square metres.

“It’s a classic case of ‘first in, first served’ or ‘you snooze, you lose’,” Mr Guy said.

“Obviously, in the case of the bulk sales, the first buyer acquired the land at a wholesale rate, which then enabled him to add a healthy margin to re-offer the land back to the market at a retail rate.

“Certainly in my real estate career, I haven’t seen a subdivision selling as quickly as WeitiBay.”

Mr Guy said his buyers represented a broad demographic – from young families through to ‘empty nesters’. All had indicated they would be owner/occupiers. Weiti comprises 850 ha of what was previously pine forest now developed into a waterfront, gated community 30 minutes from the CBD.

Civil construction of residential infrastructure on the subdivision – including roading, street lighting, power, telecommunications and sewage – is scheduled to begin later this year, with the first residential building work expected to commence at the end of 2015.

On completion, WeitiBay will offer nearly 50 hectares of private open space for the 150 home owners within WeitiBay – restricted to those living within the gated community. Future amenities within the overall Weiti development will include a rackets club, fitness centre and swimming pool, equestrian centre and stables, a mountain bike club, and 20 hectares of conservation gardens.

WeitiBay developer Evan Williams said the WeitiBay subdivision will contain a maximum of 150 lots and that two large villages were planned for a further separate area within the interior of Weiti, an 860 ha conservation oriented development. He said that marketing of the remaining sections had been allocated to real estate agencies.

“Weiti was 80-90 percent covered by a short term production pine forest and people on the North Shore have traditionally thought of Weiti as a green belt, even though it is private property. Although the harvest reached maturity and 350,000 tonnes of wood was harvested from it, we accepted a commitment to retain that green belt function and the development we are undertaking will make certain that happens,” Mr Williams said, adding: “Our objective all along has been to see Weiti developed in a way which retains the majority of the property as a greenbelt and limits development to a level which will maintain a wide range of environmental gains from the open space components.”

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