KEY POINTS:
Auckland property developer Andrew Krukziener has sold a Mt Eden property for $10.2 million, according to the new owners.
Ron Anderson and Bob Foster of Arrow International said they had bought Rawhiti Hospital on Mt Eden Rd from Krukziener and would call the redeveloped project Mt Eden Gardens.
Quotable Value said the property had a capital value of $7.23 million, including a land value of $2.24 million.
In 1999, the Rawhiti Trust Hospital sold it to the Krukziener Rawhiti Trust for $1.7 million.
The property has since been developed for residential use. Anderson and Foster said Krukziener Properties had substantially improved it in the past few years, converting it into a luxury rest home and serviced apartments.
Foster said the Mt Eden project would target people aged over 65. The future for independent retirement property projects was to provide boutique-sized accommodation, he said, and the Mt Eden property was attractive because of its location.
A spa, gym, library, computer room and "blokes' shed" would be added.
Anderson and Foster plan to ask $230,000 to $685,000 for units and say the project will be completed early next year.
