A $100 million public real estate asset disposal programme is under way in Auckland.
Auckland Council Property is selling land and buildings owned by the region's former territorial authorities - now Auckland Council - and Auckland Transport.
The first 22 properties fetched $19.1 million last year.
Another 39 properties worth $23 million are under contract or being prepared for sale with the aim of bringing in an expected $40.9 million.
More properties are being identified to reach the $100 million target.
Clive Fuhr, acquisitions and disposals manager at Auckland Council Property (ACP), said most of the properties in the portfolio now being worked on were either vacant land or houses, not large office buildings, and some had been bought for big projects like roading works and expanding roading into Eden Park.
The money from the sales will be used for other capital works or projects.
The council-controlled organisation has a $965.4 million real estate portfolio as at June 30 last year, making it one of New Zealand's top five real estate entities.
The $19.1 million sale price achieved from the first 22 properties was above the properties' rating valuation of $17.8 million, Fuhr said.
Various councils were already in the process of selling many of the assets but local body amalgamation and the Super City's creation caused the real estate rationalisation by ACP.
Service properties like swimming pools, parks or libraries are not being sold because ACP manages only non-service non-infrastructure properties, Fuhr said.
ACP manages council projects started by previous council-controlled organisations like projects at Hobsonville and Flat Bush and buys and sells for Auckland Council and Auckland Transport.
The first 61 properties identified to be sold have a rateable value of $40.9 million. Some properties are going for well under their rateable valuations.
In November the first four vacant sites were sold. Newmarket's Coventry Lane went for its rateable valuation of $4 million. That runs parallel with Broadway off Mortimer Pass in the area being developed by Westfield as part of its expansion of the 277 mall.
ACP sold 23 Albert St in Leigh for $258,000 ($290,000 valuation), 23 Seaview Rd there for $180,000 ($240,000 valuation) and 46 Centreway Rd in Orewa fetched full value at $90,800.
Houses at 28, 30, 32 and 34 Sandringham Rd fetched market value ranging from $690,000 to $733,000 each. "These properties were bought to improve access to Eden Park," Fuhr said.
The Topkids Education & Care Centre at 3180 Great North Rd in New Lynn fetched $2.7 million, $95,000 over its rateable value.
A Takapuna house at 21 Esmonde Rd sold for $392,000 ($600,000 valuation) and 36 Esmonde Rd went for $380,000 ($475,000 valuation).
"Those were sold at prices within the range of value indicated by independent valuations at the time of sale. The properties were sold at auction," Fuhr said.
Vacant land at 560 Haruru Rd at Wainui in Rodney went for $3.4 million ($2.2 million valuation), 29 Edgewater Drive in Pakuranga fetched $240,000 ($390,000 valuation), 7 Maria St in Onehunga fetched rateable value of $50,000, land at 46-50 Balmoral Rd went for $250,000 ($260,000 valuation), a house at 816 Whangaparaoa Rd went for $285,000 (valuation $395,000), land at 21 Neville St in Warkworth went for $300,000 ($310,000 valuation), a house at 3176 Great North Rd in New Lynn sold for $276,000 (valuation $285,000), land at 16 Wainui Rd at Silverdale sold for $2.2 million (valuation $1.4 million), land on McPike Rd at Rewiti went for $115,000 (valuation $49,000), and 59 Walters Rd at Kingsland went for $810,000 ($710,000 valuation).
Fuhr said the business was delighted with the level of interest in the properties.
"We feel we've done quite well. The market is not dead or stagnant. We've had a good level of interest from buyers," he said.
Auckland Council/Auckland Transport property:
Aims to quit $100m real estate by 2013.
Sold so far: 22 properties for $19.1m
Sales in the wind: 39 properties worth $23.1m
Auckland Council Property managing process
Source: Auckland Council Property Ltd