A Hamilton property with potential to carve up the large backyard into more than half a dozen residential sections is going under the hammer.
The North Ridge Drive property has a main home, an attached studio and a separate one- to two-bedroom dwelling, which gives the owner the opportunity to either land bank 5002sq m of this sought-after property while watching homes pop up around the boundary or develop it themselves.
The property has a rateable value of $1.59 million.
Lodge marketing agent Mike Thomas bought the property in 2011 as his family home. He said the previous owner had been forward-thinking and the two existing houses could be maintained within a fifth of the lifestyle block, leaving the remaining 4000sq m to be divided into residential sections.
The latest advice Mr Thomas, who is also marketing the property, had received was that about seven new residential sections of about 650sq m each could be created and accessed from Borman Rd once it is connected with Horsham Downs Rd. The existing properties would continue to be accessed from the 39 and 39A North Ridge Rd address.
"It will just give magic access to the back without making another right of way," Mr Thomas said. "I wouldn't subdivide it up now because you would be mucking up the two existing properties. Once the road is there you have beautiful access without messing the substantially nice home at the moment."
The existing 278sq m home, constructed from concrete and weatherboard, has three separate living areas, a master bedroom and en suite at one end of the house and three bedrooms and family bathroom at the other.
The main house has a rental appraisal of $730 a week, while the second dwelling rents for $330 a week which is below market rate and has not been put up in five years. The studio can also be rented out and was done so by the previous owner.
The property is close to the popular Te Totara Primary, Rototuna Junior High School and the Rototuna Senior High School.
Mr Thomas said the other North Ridge Drive lifestyle properties were being purchased by developers and the area was transforming into a residential subdivision.
Sections in the area were scarce and the last section sale in the area was a 730sq m plot of land at 73 Horsham Downs Rd, which sold in March for $407,000. Lodge Real Estate had sold properties at the Teafields subdivision on Borman Rd for about $700,000 and the section sizes ranged between 400 and 450sq m. A house neighbouring 39 North Ridge Dr with an older house on 10,000sq m recently sold for $2.35 million.
Mike Thomas said it had been a great family home and his children had loved growing up with pet goat Eddie, two sheep and a Canadian goose which did not fly home last year. However, he was not a developer so the time had come to move on. He had purchased a 1980s do-up property in Harrowfield with a 1800sq m section, which was to become his family's next project.
The property is going to auction on May 18 and developers have already shown interest in the property.
"It probably would be financially viable [to develop it] but it would take my eye off the ball and I'm not really interested. I don't want to be seen to be competing with my clients either."
Hamilton City Council acting planning guidance manager Fraser McNutt confirmed the land on North Ridge Dr is zoned as residential allowing for housing development. It is subdividable pending a subdivision consent, concept plan and servicing. The connection between the part of Borman Rd, which stopped at Te Totara Primary School, and Horsham Downs Rd was due to be completed between 2021 and 2023 and would not affect the zoning of the land surrounding the road, he said.