Top Arrigato lot at Pakiri priced at $368,000/ha
Asking prices on the Arrigato subdivision at Pakiri, out to the east coast from Warkworth and over the hill from Leigh, are $100,000/ha higher than those proposed 4 years ago.
The key difference is that the subdivision now has resource consent for the full 14-lot breakup of the old farm, which ran from the isolated southern end of Pakiri Beach, along the start of the cliffs that wind round to Leigh, and very steeply up to Pakiri Rd.
Property developer Ian Gillespie bought the farm in 2 transactions in 1995, paying $3.2 million for 169ha. He sold some and began the process of subdividing the rest, about 148ha, into the Dovedale Estate.
By the time the consent and court processes were completed, Mr Gillespie had sold. Meanwhile, the price has rocketed. Mr Gillespie’s Dovedale project was priced at $9.64 million.
In new hands (Susan Hamilton and Kim Spencer at Kitchener Homes Ltd), the subdivision has been partly reshaped and the asking prices now total $24.7 million, plus $1.6 million of landscape and planting bonds.
Mr Gillespie’s original purchase was at $16,535 a hectare, followed by purchase of a smaller patch at double that price. His Dovedale indicative sale prices were at an average $65,312/ha, serviced and planted. The top price of $1.3 million included a house on 12.7ha.
Back from the water the price level got down towards $37,000/ha, while a prime 4ha lot was priced at $124,250/ha.
Four years later, the asking prices have jumped by just over $100,000 a hectare to $165,816/ha, plus an average $10,745/ha bond.
The most expensive lot four years ago, 12.7ha high above the cliffs, has jumped $1 million in price to $2.3 million but the most expensive offering now is 22.8ha running back from the beachfront. The asking price is a cool $5.5 million, plus a $201,000 bond, according to a subdivision update from Craig Matheson at Barfoot & Thompson, Whangarei.
That lot is worth $241,228/ha. The adjoining 9.5ha is priced at $3.5 million — $368,421/ha.
Mr Matheson said applications for new titles were lodged with the Rodney District Council this week and offers would be considered “on an informal tendering basis.”