7 April, 2021
Handley Court land sells for more than valuation
The Handley Court retirement village has sold for more than $2.8 million but Panuku is refusing to reveal the exact amount.
“The site has been sold to an Auckland developer who plans to build high-quality housing on the site,” a spokesman for the Auckland Council development arm said.
“They have requested the final sale price remains confidential for now. However, I can confirm it was above both the rateable and market valuation.
“It is a great outcome for Haumaru as proceeds will go back into the Haumaru programme, as we’ve previously stated.”
But Panuku has refused to say if the money will be spent on the Devonport peninsula.
The retirement-village site, at 16-18 Handley Ave, Narrow Neck, was originally part of reclaimed Crown land.
According to Panuku, it came into council ownership around 130 years ago; it was transferred to the Devonport Borough Council pursuant to Section 2 of the Borough of Devonport Empowering and Endowment Act 1890 “as an endowment for the benefit of the said Borough of Devonport”.
The reclaimed land, owned by the Auckland Harbour Board, was handed over in 1890.
Panuku says the Handley Ave site com- prises only a tiny portion of the land.
Over the course of 130 years, the reclaimed lands were surveyed, amalgamated and subdivided and the remainder, the subject property, is currently held under one title, Panuku said.
Endowment property can be sold, but the proceeds have to be used for the purpose the land was set aside for.
A key point of conjecture is whether the proceeds of the sale have to be spent in the former Devonport Borough Council area (roughly from the ferry building to Takapuna Grammar).
Prior to its recent sale, the capital value of the property was $2.8 million, with a land value of $1.95 million and improvements valued at $850,000.
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