Paykel entity buys Waiheke property for $5.1m

Waiheke Island where an entity associated with Gary Paykel has just bought a property for $5.1 million.

A Waiheke Island property has been sold for $5.1 million to an entity associated with Auckland businessman Gary Paykel.

The Coromandel Rd property is at the popular north-facing Sandy Bay, between Oneroa and Palm Beach.

Warren Eade of Waiheke Real Estate confirmed this morning that he had sold the property which had settled "in the last month" and was bought by a family trust.

He said a collection of his most recent sales had set records on the island.

Another Coromandel Rd property had recently sold for $3.5m while an Oneroa property on Beach Parade had sold for $4.5m, Eade said.

Eade indicated the island was extremely popular, people were increasingly drawn to buy places there and record sums were now being paid regularly.

Eade featured five sales on the agency's web site but said the Paykel property was not amongst those.

Property records showed the Coromandel Rd property the Paykel entity had bought was owned by Pjs Custodians and is around a quarter-acre at 1131sq m of land.

Auckland businessman Gary Paykel. Photo / NZPA

Real estate website www.homes.co.nz recorded the sale at $5.2m as at October this year, putting a value estimate range on the place of $4.9m to $5.4m.

The property had a local authority rating value of just $1.1m in July, 2014 when three-yearly revaluations were last carried out. That was made up of $860,000 in land and $290,000 in buildings.

A family member said this morning Paykel would "hate" publicity about the purchase and that the family wanted to keep a low profile.

"We're not one of these high-flyers," she said.