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Hopper Developments has bought the final piece of Hobbs Bay farm in Gulf Harbour and is in the process of applying for resource consent to subdivide it into 86 residential properties.
This comes hard on the heels of the news that Hoppers had purchased 20 properties along Whangaparāoa Road from Auckland Council (HM July 11).
Last week, Council’s property arm, Eke Panuku, confirmed that the 20 Whangaparāoa properties (472-502 Whangaparāoa Road and 4 Brightside Road) were sold to Hoppers for a total of $8.7m – around $435,000 per property. This sum has been described by Councillors Wayne Walker and John Watson as “astoundingly cheap” – the combined rating value of these properties is around $13m.
Council will put the proceeds of sale towards funding capital projects or debt repayment.
Cr Walker says he is shocked at the “staggeringly low price” achieved for the properties.
“There is woefully insufficient oversight over Eke Panuku and this is just one of a number of deals that I believe has been highly questionable and resulted in a substantial loss to ratepayers,” Cr Walker says.
Cr John Watson notes that the sale took place just before zoning changes are set to raise the value of land, especially in locations such as this, which have coastal views.
“I’m also angry that the houses were not maintained and rented out – Council has owned them since around 2000 – but instead were allowed to lose value and fall into ruin.”
Hoppers is still developing its plans for its Whangaparāoa Rd properties, however things are more advanced when it comes to Hobbs Bay Farm – a 13.43ha piece of land at 3-5 Daisy Burrell Drive that has beachfront access and coastal views.
Hoppers director Leigh Hopper says his family has strong ties with this land – his father and uncle spent many days on the farm and the families were at school together.
In 2020, the Hobbs Bay Farm property had a CV of $15.25m. It was first put on the market in October 2019 and withdrawn a year later. At the time, it was described as “the last coastal suburban development block on the Hibiscus Coast”.
It is zoned Residential – Large Lot and Hopper Developments director Leigh Hopper says property sizes will average 1000sqm.
“We will be imposing covenants to ensure we get the right landscape outcomes,” he says.
The original homestead, built in 1861, remains on the property and there is a Historic Places order in place. Hopper says the company will restore the homestead as a café.
Recreational reserves including public playgrounds, wetlands and native bush are also on the plans.
Hopper says his company has an unconditional sale and purchase agreement for Hobbs Bay Farm, and the deal will settle in the near future.
