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Liquidators place block of land on the market for sale

Media Release
9.10.2017

Liquidators place block of land on the market for sale


A significant residential development block of land has been placed on the market for sale by the liquidators. The property, which encompasses nine separate titles at 14-22, 28 and 30 Waimarie Road, has spectacular views over the Waitemata Harbour and Hauraki Gulf.

The 8,945 square metre site in the upmarket Auckland seaside suburb of St Heliers has been disputed in the courts by property developer Greg Oliver and his former-wife Sarah Sparks during nearly four years of litigation.

Now, under instructions from the liquidators at KPMG, the freehold properties have been placed on the market for sale through an international tender process.

Tenders close at 4pm on November 8, with the property being jointly marketed by Bayleys Auckland commercial and residential salespeople Mike Adams, Cameron Melhuish and David Rainbow.

The landholding is being marketed for sale as either nine separate individual sections, or as one combined block. Mr Adams said it was most likely that residential property developers would submit tenders for the unified block.

“The sheer size and scale of the Waimarie Road landholding, combined with the considerable array of residential development options for the site, means it’s incredibly hard to place a valuation on the properties,” he said.

“However, because of their configuration, it would be fair to say they are worth more as a whole than as the sum of their individual parts. Very rarely does a landholding of this size in such a commanding and prominent position come onto the market for sale.”

The individual sections range in size from 255 square metres up to 2,999 square metres. Combined, the nine titles and the large house in the middle of the block – spread across two sections - have an Auckland City Council valuation of $15.64 million.

Under Auckland Council’s operative unitary plan, the landholding is zoned residential – mixed housing suburban. The zoning allows for the building of one or two-storey standalone homes in various densities depending on section sizes.

The residential – mixed housing suburban zoning is the most common planning classification in Auckland and allows for intensification of land use provided any new residences retain the neighbourhood’s ‘suburban character’ - being set back from site boundaries and with landscaped gardens.

Any new development of dwellings on the Waimarie Road blocks would overlook the vast open cricket and soccer fields of Glover Park in the foreground, with the sea views as a backdrop. The property is one kilometer from quaint St Heliers Village.

Mr Adams said a small amount of consented excavation earthworks had been undertaken at the site some eight years ago before Mr Oliver and Ms Sparks separated and subsequently sought to take ownership of the land.

“However, as there is no installation of utilities or driveway access for the various multiple sites contained within the block, the land is still very much in a ‘brownfield’ state - where infrastructure for any new potential homes can be easily installed,” Mr Adams said.


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