One of Auckland's busiest developers has sold an Albany site to a Korean investor for $16.7 million as part of a $150 million reduction in his land bank.
Rick Martin of Cornerstone Group said Ian Bensley of Cornerstone Realty had sold 50 Rosedale Rd in Albany for aprice which equated to $707 a square metre. Martin said this set a new record for bare land in the area.
Martin had big plans for the site, getting permission to build shops, offices and apartments there. But the changing economic climate prompted him to reconsider plans for this site and many others.
The 2.36ha site was a golf driving range but Martin said 182 apartments, 1200sq m of shops and 1800sq m of office could be built there.
The Korean buyer intends to begin building this year, he said.
Cornerstone was getting a number of inquiries from Asia, Martin said.
Two more deals were close to being finalised, one for 372 Rosedale Rd at Albany and another on a new apartment in the high-rise Sentinel at Takapuna.
Earlier this month, Martin said he wanted to sell most of Cornerstone's land bank to reduce debt.
Properties on the market include a 59.2ha slice of development land for the Gateway business park north of Auckland, 54.6ha near Silverdale where Martin had planned to develop the Silverstone business park and shops at Albany and Orewa. Martin said he would now concentrate on a 464ha Waimauku development.
