Nikki Preston is a Herald reporter based in Hamilton.

Canny retiree offers city block

A retiree who landbanked 7500sq m of prime Mt Albert real estate over 40 years is now selling the five neighbouring properties. Photo / Supplied
A retiree who landbanked 7500sq m of prime Mt Albert real estate over 40 years is now selling the five neighbouring properties. Photo / Supplied

A retiree who landbanked 7500sq m of prime Mt Albert real estate over 40 years is now selling the five neighbouring properties, expected to fetch well over the joint CV of $6.585 million.

The agencies selling the properties say the land, accessed from Carrington Rd and Benfield Ave - which is mainly green space - is ripe for redevelopment of townhouses or apartments.

Mt Albert woman Dorothy Waymouth bought the first property - understood to be a block of four units at 5A Benfield Ave - in the 1970s.

She purchased 179 Carrington Rd in 1988, 173 Carrington Rd in 1989 and, 10 years later, 9 Benfield Ave.

The final addition was 7 Benfield Ave last month for $1.55 million. Together they form a T shape.

But with plans to fund a new project in the South Island and such a shortage in large residential development sites, Ms Waymouth is now offering what joint marketing agents Bayleys and Colliers describe as a unique opportunity.

Bayleys salesman Jock Kooger said the owner had shown immense foresight.

"You could say that she saw the potential for this area long before Auckland began experiencing its current growth spurt and bought the right bits of land at the right time - with a very strategic end position in mind ... which is what is now being sold."

The site is 300m from Mt Albert train station, close to schools, Western Springs Park and has entry to two streets.

While the properties had a total CV of $6.585 million, Mr Kooger said the value grew when combined.

"Obviously, when you are joining multiple properties together, that increases the possibilities of the site tenfold - so of course that will increase the potential value and the potential return on investment as well."

Already plenty of interest had been received. The site was rare because of its size and city fringe location.

"There have been numerous two- and three-site pieces of land coming up for sale which have been smattered across Auckland's city fringes, but certainly nothing of this size and scale," Mr Kooger said.

Under current zoning the land could be carved into 25 sites of 300sq m. However Mr Kooger said there was opportunity for far more dwellings when it was reclassified into a mixed housing urban zone to allow for more intensive development such as terraced blocks, townhouses and low-rise apartment blocks.

Colliers International salesman Gawan Bakshi said the location could answer calls for more city-fringe dwellings around transport hubs.

The property is being sold by deadline private treaty. Offers must be received by May 11.

- NZ Herald

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