Prime land back on market

A five-storey block of luxury apartments was once planned for the Sarsfield St, Herne Bay, site. Photo / Natalie Slade

A prime piece of Herne Bay land is on the market for the third time in as many years, but still without the luxury apartments each owner had planned.

The north-facing waterfront site, with its own jetty and boat shed, has resource consent granted to 2018 for multi-level apartments or a luxury home.

But, like the two before them, the current owners have not built.

The property is being marketed by Harcourts agent Matty Ma, who describes it as a "developer's dream".

From the views out to the Waitemata Harbour to sunsets around neighbouring high-end homes, Ma describes the opportunity to buy land as rare. The average property price in Auckland hit $866,782 last month.

The central suburb of Herne Bay is the only area in Auckland with an average property price of more than $2 million.

Ma could not discuss the current sale but the online marketing says the owners' circumstances had changed.

Records show it is owned by Megalodon Trustee Ltd, of which Shun Lee Ronnie Wong and Suet Lin Shirley Tang of Albany are directors.

Back in 2013 the then owners had grand plans to build four of Auckland's flashiest apartments - the budget was a reported $16 million.

They planned a grand five-level development with an eight-car carpark.

Three of the apartments were spoken for by members of a mystery group who were looking for a fourth couple to join them. The project was shrouded in secrecy with plans released to serious buyers only.

But the luxury homes never eventuated and the property was sold with a neighbouring property for $10 million in July 2013 to businessmen Qiuyuan Yu and Xin Yu, who lived in China.

After that sale, the house on the neighbouring property at 81 Sarsfield St fell into disrepair and became a hang-out for squatters.

Qiuyuan Yu and Xin Yu's dream development was never realised either, a real estate agent at the time blaming a lack of funding.

The property sold again in December 2014 for $4.3 million to Megalodon Trustee Ltd. The 871sq m piece of land has increased in value from $3.5 million in 2011 to its current CV of $3.95 million, with annual rates of $10,472.10.

The land was once home to a three-bedroom bungalow that was removed from the site.