Nineteen state properties to be sold in Haverstock Road, Sandringham
Housing New Zealand is selling 19 properties in Haverstock Road, Sandringham. As a public sector organisation, we have made the decision to sell the land to a private purchaser as it is too costly for us redevelop within this Auckland residential area.
Through the sale of these properties, Housing New Zealand will have the funds to acquire, build and improve other state housing in Auckland.
The current property values within this high-value residential area are around $700,000-$800,000 for a standalone four-bedroom house. Income Related Rents on these properties, if redeveloped, would be inadequate to justify redeveloping the state properties.
There are other options for redevelopment in Auckland where state rental properties receiving subsidised rents works better financially.
The addresses being sold are numbers 94, 96, 98-130.
Numbers 94 and 96 are currently on the market and will be sold via an auction on 28 February 2013.
The 17 remaining properties, on six separate titles, will be removed from the sections shortly, and sold via a tender process in March 2013.
The tenants of the properties have all been relocated to other state housing. Housing New Zealand covered reasonable relocation and reconnection costs.