Caughey Preston Trust site in Remuera sells to local buyer

17 Upland Rd  hero

The transaction took place during New Zealand's Covid-19 coronavirus lockdown, demonstrating long-term confidence in the market

The former Caughey Preston Trust site in the prestigious Auckland suburb of Remuera has been sold to a local buyer.

The transaction took place during the Level 4 coronavirus lockdown, which agents say demonstrates confidence in the market’s long-term fundamentals.

Situated on a 3.17ha landholding at 17 Upland Road, the property comprises a former rest home established by the Marianne Caughey Smith-Preston Memorial Rest Homes Trust Board.

Colliers International’s Capital Markets team transacted the sale in conjunction with the agency’s Auckland Investment Sales and Site Sales teams.

Blair Peterken, Capital Markets Director at Colliers, says it is the last strategic landholding of scale in Remuera.

“We had very strong interest in the site throughout the expressions of interest campaign.

“Despite challenging market conditions during the campaign, it is clear that investors and developers took a long-term view and remained confident in the market’s underlying fundamentals.

“We had a terrific response from the market and are thrilled with the final outcome.”

Located in what is arguably New Zealand’s most affluent suburb, the property presents one of the largest redevelopment opportunities in the country.

Josh Coburn, Director of Site Sales at Colliers, says: “The size, zoning and location made it suitable for a wide range of options including residential, build-to-rent housing, aged care, education, subdivision, or a mix of uses.”

It is understood the purchaser intends to develop a comprehensive, master-planned residential project on the site.

Gareth Fraser, Auckland Investment Sales Director at Colliers, says: “The end result was a freehold sale that was favourable to both vendor and purchaser, making this a great outcome for all.”

The Caughey Preston Trust was the legacy of pioneering businesswoman and philanthropist Marianne Caughey Preston MBE, who was a founder of Auckland retail institution Smith and Caughey’s.

She died in 1938, leaving most of her self-made estate to the establishment of a trust to provide rest home care for the ‘infirm, aged or those suffering hardship’ in Auckland.

The rest home was subsequently established in the 1960s and evolved to its completed form over 60 years of expansion.

In 2017, the Trust Board resolved to close and decommission the rest home, hospital dementia and rental unit operations and began a strategic review to determine how to continue Marianne’s mission now and into the future. 

As part of that review, the Trust appointed Colliers to sell the site so the sale proceeds can be used to ensure Marianne’s legacy to provide care continues in perpetuity

Peter Herdson, National Director of Capital Markets at Colliers, says: “Whilst the property has now sold, it is likely that nothing will change on-site for 18-24 months.”


Related Experts

Blair Peterken

Director | Capital Markets

Auckland CBD

After more than a decade in Australia’s highly competitive commercial property sector, Blair joined Colliers International NZ as Director in the Capital Markets team in April 2017.

Specialising in the sale of larger commercial assets and mixed-use sites around New Zealand, Blair brings a high level of energy and diligence to the industry. His extensive knowledge and educational background ensures he is well-equipped in progressing and developing the Capital Markets team.

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Previous Experience

From 2014 – 2017, Blair was Director and Head of JLL’s South Sydney office where under his leadership, the company  grew from third to first in the South Sydney market in both leasing and sales. In 2015 he was the company’s highest fee earner across the Australian industrial business. Blair specialised in the sale and leasing of larger industrial and commercial assets including mixed-use development sites within the South Sydney market.

Prior to this he was Head of Industrial, South Sydney at CBRE. While at CBRE, Blair won the prestigious Circle of Excellence Award twice for his performances and was highest fee writer in the South Sydney office in 2012 and 2013.

Peterken’s top transaction while in Sydney  was the 2014 sale of a 4.9ha business park in Rosebery, South Sydney to Meriton Group  for A$190,000,000

His two biggest leases were the single largest leasing transactions in South Sydney in their respective years. In 2011, he leased a Goodman-developed, 12,400sq m warehouse and office in Mascot to logistics company Toll, and last year, he leased a Meriton-owned 22,000sq m site in Pagewood to WSI Logistics.

 

A selection of notable sale transactions:

  • Sale of St Kentigern Girls School, Remuera - $40,000,000 +
  • The General  Buildings, 29-33 Shortland Street, Auckland - $42,000,000
  • 110 Symonds Street, Auckland - $38,500,000
  • 1-55 Rothschild Ave, Rosebery - $190,000,000
  • Central Park Business Park,  Greenlane - $209,000,000
  • Bunnings Hamilton South - $25,100,000
  • The Warehouse, Blenheim - $16,380,000
  • NZI Centre, Auckland - $63,000,000
  • Royal Heights Shopping Centre, Auckland - $17,000,000
  • 75 Karangahape Road, Auckland - $23,300,000
  • 5 Nelson Street, Auckland - $9,000,000
  • 66-80 Broadway, Newmarket - $65,000,000

 

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Gareth Fraser

Auckland Director - Investment Sales

Auckland CBD

Gareth leads Colliers International's Investment Sales team. The team operates across the entire Auckland market from four strategic locations; CBD (including city fringe), South Auckland (based in Highbrook), West Auckland (based in North West Shopping Centre) and North Shore (based in Takapuna).

This is a large team of brokers and support staff focussed on providing solutions to owners, investors, developers, owner-occupiers and tenants. It features a specialised site sales team focussed on residential land and development opportunites. Investment Sales also includes the syndication division, offerring proportionate ownership opportunities to investors on behalf of clients.

Gareth is also on the Executive Team for Colliers in New Zealand.

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Peter Herdson

National Director | Capital Markets

Auckland CBD

In 1993 Peter returned to New Zealand from the United Kingdom with several years’ experience in property management and development. During this time, he worked for Vanson Developments (Richard Branson´s property development company) for two years, and in investment and management for Fuller Peiser (Rolls Royce and Vickers Pension Funds). Upon his return to New Zealand, Peter joined Colliers International (NZ) Limited, where he has been ever since.

Peter now leads the Colliers International Capital Markets division, based in the Auckland CBD. The team is proud to have established a new approach to collaborative working within their division, a first the New Zealand marketplace. 

The “Power of Five” approach with the Capital Markets team has driven exceptional outcomes for client service since 2007. The team has adapted a charter unique in the market, with over 100 years of combined experience. The personal and professional networks of 5 directors operating as a cohesive team across all projects, provides maximum leverage and market coverage for our vendors. It ensures an acceleration of all our clients success.

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Josh Coburn

Director | Site Sales

Auckland West

Tenacious, personable and driven, Josh Coburn draws on 16 years' experience in New Zealand's property sector in his role as Director of Site Sales at Colliers International. His key focus and passion are delivering quality development opportunities to the market and acting as a partner in the development process to see projects come to fruition.

Futhermore, Josh is the General Manager of Collier's West Auckland Business, overseeing 5 brokers in a rapidly emerging Metropolitan market.

Josh re-joined Colliers International in 2015 after four years working as the Development Manager for Haydn & Rollett Construction - a role in which he focused on development of commercial and industrial properties joint ventures, and commercial-scale residential opportunities.

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