A century-old house at 62 Remuera Rd was bowled to make way for a 30-lot car park. Photo / Supplied
A century-old house at 62 Remuera Rd was bowled to make way for a 30-lot car park. Photo / Supplied
It's long been said our homes earn more than we do - but running a car park appears to generate even more money.
A string of character houses at the gateway to one of New Zealand's most upmarket suburbs have been demolished and the sites cleared for commercial parking.
Fourold properties valued at almost $10 million are leased to car park operators.
All are within a stone's throw of each other, at 62, 75, 78 and 80 Remuera Rd, close to the shops and office buildings of Newmarket and the heart of Remuera, one of the few suburbs in New Zealand with a $2 million median property value.
The site is owned by property investment company 75 Remuera Ltd, whose directors are listed as Edward and Mac Manson. They paid $3m for the property in June 2016.
Over the road again is an 18-site car park across numbers 78 and 80.
The homes, which dated to 1910, were pulled down recently to make way for the car park.
Motorists are charged $4 per half hour or $20 for up 12 hours. An early bird special of $13 is available for entry between 6am and 10am.
Adjoining homes at 78 and 80 Remuera Rd date from 1910 but have been demolished to make way for an 18-space car park. Photo / Supplied
Both properties are owned by Remuera real estate agent and auctioneer Mark Sumich, whose office is one door up at number 82.
He said the properties were run down and earned only a peppercorn rental. It had become uneconomic to bring them up to government "healthy homes" standards.
"So we thought we'd just get rid of them and try our hand at car parking."
Sumich had to prove to Auckland Council they had no significant heritage value before being granted demolition consent.
Redeveloping the site would be too costly, he said. The income stream from car parking was comparable to that generated by rent.
"At least it's viable."
The Parkmate parking app describes "high demand" for car parks in the area.
Ōrākei Local Board member Colin Davis said it used to boast an "enclave of old, charmy houses". But many had fallen into disrepair.
"It's a shame. Sometimes it's easier from a developer's point of view just to let them run down. You might get more income from car parking on the site.
"You've got the clash between making a dollar and getting potential from your property as provided under the Unitary Plan, and protecting our heritage."
PUT UP A PARKING LOT • 80 Remuera Rd: CV $1.3m: sold March 12, 2007 for $1.085m, 227sq m, built 1910. • 78 Remuera Rd: CV $1.45m: sold March 12, 2007 for $1.085m, 205sq m, built 1910. • 75 Remuera Rd: CV $3.3m, sold June 15, 2016 for $3m, 744sq m, age unknown. • 62 Remuera Rd: CV $3.65m, sold September 2012 for $1.86m, 746sq m, a century old. Total CV: $9.7m
