Whangaparaoa RSA Site Sells for 400% over Council Valuation

Wednesday, 4 October 2017, 9:55 am
Press Release: Bayleys

RSA site sells for 400 percent over council valuation

A struggling Hibiscus Coast Community Returned Services’ Association (RSA) has received a much welcome cash injection following the sale of a vacant landholding in Whangaparaoa.

Marketed by Bayleys Whangaparaoa, the property at 20 Melia Place, Stanmore Bay has been sold by local salesperson Sue Donoghue for $1.5 million – a whopping 400 percent more than its 2014 council valuation.

The site was purchased by a local property developer who plans to construct eight townhouse units.

Hibiscus Coast Community RSA President Frank Coggan says that the club’s board of directors is thrilled with the outcome.

“We’re fortunate to have had the option of selling a portion of the club’s investment portfolio and the proceeds from the sale will be put directly back into updating the club’s facilities,” he adds.

Located approximately 100 metres to the west of the current RSA site at 43A Vipond Road, the property forms a right angle facing toward arterial route Whangaparaoa Road.

Under the Auckland Unitary Plan operative in-part, the property is zoned ‘Residential – Single House’ meaning that it has the potential to support eight dwellings which must be exceed 600 square metres in size,” Sue says.

“The gentle sloping contour, preferable zoning and sheer size naturally lent it to development.”

Purchased for $90,000 by the club 25 years ago, the land was originally acquired with a view to develop residential units which would then be rented to RSA members.

However, financial constraints have meant that the project was never realised and the land has since remained vacant, Mr Coggan explains.

“While we were not able to finish the project, we are pleased that the land is being utilised by a local business to create housing for the community,” he says.

Sue agrees, adding that the sale price is reflective of the land’s desirability.

“No more than five minutes to a beach, bus routes, childcare, schooling and amenities, the site is located in an area predominantly occupied by families and owner-occupiers – making it an extremely attractive place to live,” she adds.

With the future for the Hibiscus Coast RSA now looking much brighter, Mr Coggan hopes to utilise the proceeds from sale to update the clubhouse and its facilities in the hopes of attracting a new generation of members to the club.

“We understand that we have to evolve to survive and this means looking at ways we can stay relevant to the next generation, whilst sustaining our heritage and traditions,” he says.

Originally based in Silverdale, the Hibiscus Coast RSA moved to its current site on Vipond Road in 1985, however recent years have seen dwindling patronage and the ageing member base have contribute to the club’s financial stress.

Presently the club offers a range of services including dining at Heroes Restaurant, indoor bowls, outdoor bowls, dancing, darts, snooker and venue hire.

Memberships range from free of charge for returned servicemen 90 years and over through to $45 family memberships which include two adults and two children.

ENDS

© Scoop Media

Bayleys Real Estate

New Zealand

Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.

Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.

No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.

Contact Bayleys Real Estate

• Website - bayleys.co.nz
• Latest News - PropertyLive
• Contact - Salesperson
• Contact - Offices