The property at 73 West End Rd in Westmere was first listed for sale in May 2023 and has been on and off the market for more than two years. Photo / Supplied
A luxury multimillion-dollar waterfront home in one of New Zealand’s most expensive suburbs is up for sale at a discount after being on and off the market for more than two years.
“DISREGARD CV & PREVIOUS PRICE INDICATION, THIS PROPERTY WILL BE SOLD,” the Bayleys listing begins in capitals.
The real estate agent marketing the property did not answer questions about the circumstances behind the sale of the “prestigious contemporary oasis” at 73 West End Rd in Westmere.
Nor would property developer Jason Ellingham, who built it and owns it, comment.
The three-bedroom, two bathroom 248sq m “masterpiece” home sits just minutes from the Auckland CBD, is walking distance from an award-winning butcher and offers the “ultimate blend of modern architecture, convenience, and coastal serenity”.
There’s no specific mention in the real estate listing that the property is likely to have its stunning views over Coxs Bay and Waitematā Harbour partially blocked by an $11.2m mansion that’s being built in front of it.
Designed by award-winning architect David Ponting, 73 West End Rd will go under the hammer this week. It has a current CV of $4.95m.
It was first listed in May 2023 - the same month that 24-year-old German painter Jennifer Reschke was crushed to death by a 330kg gate in a tragic workplace accident on the site.
At one point, the property had an asking price of $4.58m.
Records show the asking price dropped to $4.15m in February 2024, then again to $3.95m earlier this year.
The listing was withdrawn in May. The home was then relisted by Bayleys last month and is set to be auctioned at the firm’s CBD offices at 2pm tomorrow.
Ellingham, the co-director of West End Developments, a residential property operation and development company, bought a huge 1500sq m plot of West End Rd land in 2021 for $7.33m.
OneRoof data shows the blue-chip suburb has a current median sales price of $2.2m - down from nearly $3m in 2021.
Back then, the plot of land boasted a six-bedroom family home. But the old house was demolished and Ellingham then built a luxury duplex property at 73 and 75 West End Rd.
He also had Ponting draw up plans for the five-bedroom mansion that will soon rise on the front section closest to the water.
It’s understood Ellingham had planned to build the sprawling house for himself. But his plans changed and he put the vacant 69 West End Rd site up for sale as an “off the plans” deal.
It was on the market for about a year before it was purchased in June by Remix Magazine founder Tim Phin.
The publisher and DJ boasts online selfies with supermodels Miranda Kerr and Naomi Campbell.
He recently sold a waterfront Ōmaha beach house for $8.75m, and also owns a renovated Grey Lynn villa that has been on and off the market in recent years with a price tag of about $6m.
In an unusual arrangement, Ellingham agreed to build Phin’s new home as part of the $11.2m purchase price.
The vacant front section is currently a construction site, with contractors beginning groundworks and rebuilding a seawall in preparation for the build.
The Herald sought comment from Ellingham about why he was selling the property but he did not respond.
Bayleys agent Gavin Leonard said the old house had been pulled down after Ellingham purchased the site.
“It was a bit run-down but it was a much-loved family home of many years.”
He described the 1500sq m plot as an “iconic property”.
“It’s always been one of those properties that you drive past and you think, ‘Gosh, that’s amazing’. It’s got wonderful views.”
Asked how the views at number 73 would be impacted by the Phin home, Leonard declined to comment and referred the Herald to listing agent Nick Gilbert.
Gilbert declined to provide comment for publication.
Harcourts JK Realty agent David Findlay said the current market was a “tough space” for developers.
He said the market had been swamped with stock, meaning there was more choice for buyers.
The capital gains that had been on offer a few years back had also disappeared, he said.
It meant buying a house off the plans from a development company was no longer as attractive.
Once, a purchaser could expect to see some capital gain during the nine-month build period.
But now the same property could be worth less than the purchase price by the time a buyer finally took possession.
It meant buyers were more likely to choose from existing housing stock rather than opt for a speculative build.
Developers’ margins were being squeezed, Findlay said, with some struggling to break even. This made it hard to secure finance to get projects over the line.
However, some developers were still willing to take the risk and Findlay expected conditions to improve once the market picked up and capital gains re-emerged.
Lane Nichols is Auckland desk editor for the New Zealand Herald with more than 20 years’ experience in the industry.
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