Dream home shelved

A wealthy Auckland businessman and developer has walked away from plans to build a huge dream home on a rare peninsula of land in the upmarket suburb of Remuera.

Gary McNabb and his wife Anna bought the 5000sq m, triangular-shaped site on the edge of the Orakei Basin four years ago for $3.225 million.

The property has a Capital Valuation of $3.87m with annual rates of $11,870.

The McNabbs had elaborate plans drawn up by high-profile architect Brent Hulena for a

1393sq m five-bedroom home to sprawl on three levels across the site.

Plans included a huge, circular formal lounge, a large swimming pool and spa, a library, guest quarters, a games room, gym and wine cellar, storage for art and a lift.

The state-of-the art design has a multitude of terraces and courtyards, galleries, a glass floor in the family living space, eight double chimneys, a roof lawn and an orchard.

The Lucerne Rd site looks across the Orakei Basin, with views to the city, Newmarket and the harbour, and includes an existing jetty.

In preparation for building, an existing house on the site - originally owned by the Sayes family who own large chunks of land around the basin - was demolished.

The McNabbs, who have a son, obtained resource consent from the Auckland City Council but have decided not to go ahead and build the multi-million dollar house.

Bayleys estate agent David Rainbow said the couple had made "an executive decision" not to proceed with the development, which would have taken at least two years.

They were out of the country on business a lot and had decided to stay in their existing Remuera home. Rainbow said there had been "good interest" in the land.

"But I'd have to say we haven't been inundated, which is more of a sign of the times."

The peninsula was "the ultimate point in Remuera" and would be worth land banking for when the economy improved because the site is unique.

MILLIONS WIPED OFF THE ASKING PRICE
While property in the $5 million and above bracket is holding its value, millionaires who are a little less choosy can bag a bargain.

In O'Neills Ave on Takapuna's North Shore, a 1000sq m luxury home bought two years ago for more than $4.6m is up for mortgagee sale by tender.

With a Capital Valuation of $3.05m, the home is likely to sell for less than $3m.

The six-bedroom, six-bathroom house features a heated pool, home theatre, gymnasium, wine cellar, self-contained apartment and nanny quarters.

The house, on 1012sq m of land, is opposite the home of long-time Rich Lister Craig Heatley, whose $13.7m mansion looks out to sea surrounded by manicured grounds.

In nearby Gibbons Rd, developer Ted Manson has slashed the price of a new four-bedroom home by $1.5m.

The property, which has private access to Takapuna Beach, was under a conditional sales agreement for almost $4.4m last year. But the agreement fell through and the finely finished home is back on the market for almost $2.9m.