PHOTO: SUPPLIED The Caughey Preston rest home site in Remuera has been sold to a local buyer for residential redevelopment. The property has a capital value of $100 million.
A prestigious and high-profile site with a $100 million capital value in Auckland’s affluent suburb, Remuera, has sold during lockdown to a local buyer with plans for residential development.
Colliers International director of capital markets Blair Peterken said the price paid for the 3.17 hectare site remained confidential as did the name of the New Zealand resident buyer.
The site, once home to the Caughey Preston rest home, had a lot of interest and offers had to be submitted late in March. The offer accepted was unconditional.
All prospective purchasers managed to view and inspect the property before the lockdown started on March 26 during the marketing campaign in February and March, Peterken said.
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