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NZ State houses go as sections sold to developer for $8.7m

Property Here - Wednesday, April 17, 2013

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A formerly state house-dominated street in Sandringham is set for major redevelopment after seven large sections were sold to a developer for more than $8 million.

Housing New Zealand, in announcing the sale of Haverstock Rd land yesterday, said selling the old state house properties will allow it to build at least 40 new homes in more affordable areas of Auckland.

"Land prices have increased significantly in Sandringham in recent years. We sold the land because it was too costly ... to redevelop within this highly-valued suburb," said Sean Bignell, Housing NZ's general manager for asset development.

High quality houses would be built elsewhere in Auckland, he said.

"Including suburbs nearby where redevelopment is financially possible - such as Three Kings where Housing NZ is currently building a 22-unit complex."

The freehold land, in zone for Mt Albert Grammar and on seven sections spread across 10,629sq m, was for sale by tender by Bayleys with potential buyers able to purchase one or all sections.

Seventeen state houses on the sections were removed before the sale. All seven (98-130 Haverstock Rd) were sold to one owner for $8.76 million, exclusive of GST.

Housing NZ said it could not reveal the new owner's identity.

Haverstock Rd sell-off

*98-130 Haverstock Rd vacant sites sold for $8.76 million.
*17 state houses on sections removed before sale.
*Housing NZ to build state houses elsewhere in Auckland.