The sale of a 3.17-hectare landholding in the Auckland suburb of Remuera during the Level 4 coronavirus lockdown demonstrates confidence in the market's long-term fundamentals, Colliers International says.

Situated at 17 Upland Road, the property comprises a former rest home established by the Marianne Caughey Smith-Preston Memorial Rest Homes Trust Board. 

Colliers International’s Capital Markets team transacted the sale, in conjunction with the agency’s Auckland Investment Sales and Site Sales teams. 

At a glance: 

• The former Caughey Preston Trust site in the prestigious Auckland suburb of Remuera has been sold to a local buyer.
• Located in what is arguably New Zealand’s most affluent suburb, the property presents one of the largest redevelopment opportunities in the country. 
• The deal was brokered Colliers International’s Capital Markets team, in conjunction with the agency’s Auckland Investment Sales and Site Sales teams. 

Blair Peterken, Capital Markets Director at Colliers, says it was the last strategic landholding of scale in Remuera. 

“We had very strong interest in the site throughout the expressions of interest campaign," he said.

“Despite challenging market conditions during the campaign, it is clear that investors and developers took a long- term view and remained confident in the market’s underlying fundamentals. 

“We had a terrific response from the market and are thrilled with the final outcome.” 

Located in what is arguably New Zealand’s most affluent suburb, the property presents one of the largest redevelopment opportunities in the country. 

Source: Colliers International

It is understood the purchaser intends to develop a comprehensive, master-planned residential project on the site. 

Colliers Director of Site Sales, Josh Coburn, said the size, zoning and location made it suitable for a wide range of options including residential, build-to-rent housing, aged care, education, subdivision, or a mix of uses.

Gareth Fraser, Auckland Investment Sales Director at Colliers, said the end result was a freehold sale that was "favourable to both vendor and purchaser, making this a great outcome for all".

The Caughey Preston Trust was the legacy of pioneering businesswoman and philanthropist Marianne Caughey Preston MBE, who was a founder of Auckland retail institution Smith and Caughey’s. 

She died in 1938, leaving most of her self-made estate to the establishment of a trust to provide rest home care for the ‘infirm, aged or those suffering hardship’ in Auckland. 

The site was sold for an undisclosed amount.

Similar to this: 

CBRE offer $500 million Queenstown residential village for sale

Expressions of interest closing for NZ development site sale

Shakespeare Group’s $150 million St Boulevard topping out sparks fresh buyer interest