Key Takeaways:
- The Auckland mansion at 31 Victoria Avenue, formerly owned by John Banks, is for sale with a rateable value of $7.2m.
- The four-bedroom home boasts elegant arches, colonnades, and stuccoed brick walls, along with wrought iron detailing and ceramic roof tiles.
- The property is located in a prime area near top schools and amenities, making it an attractive option for families.
- The vendors have hosted many high-profile social events at the property and have decided to sell due to their children growing up and moving overseas.
- The property is expected to attract interest from overseas buyers, including those from China, Singapore, and Europe, following the relaxation of foreign buyer rules.
Introduction to the Property
The Auckland mansion at 31 Victoria Avenue, formerly owned by John Banks, is up for sale again. The grand five-bedroom home, located in Remuera, was purchased by the vendors over 10 years ago for just over $4 million and is now listed with a rateable value of $7.2m. The mansion was built in the 1920s by architect Horace Massey for retail magnate John Robert Rendell, owner of the then-famous Rendells Department Store.
The Property’s History and Features
The residence is a standout home on Victoria Avenue, with its elegant arches, colonnades, and stuccoed brick walls, along with wrought iron detailing and ceramic roof tiles. The property boasts a spacious interior, with five bedrooms, a contemporary kitchen, and a very impressive wine cellar. The vendors have made the most of the property’s entertaining areas, hosting many high-profile social events, including their famous Chinese New Year parties. The pool is a central feature of family life during summer, and the property’s many terraced areas provide ample space for al fresco meals and relaxation.
The Vendors’ Experience and Decision to Sell
The vendors have loved being part of the neighborhood, which they describe as one of New Zealand’s most prestigious. They have enjoyed the sense of community, with neighbors greeting each other while out walking and regular street parties. However, with their children now grown up and living overseas, the vendors have decided it’s time to move on. They are sad to leave the property, which has been the site of many happy memories, but are excited to see the next chapter in the property’s history.
The Property’s Appeal to Potential Buyers
The property is expected to attract interest from families whose children attend Victoria Avenue Primary or one of the several top private schools in the neighborhood. The property is also zoned for Auckland Grammar and Epsom Girls Grammar, making it an attractive option for families with school-aged children. The property’s prime location, near Remuera Village and an easy drive from Parnell and Newmarket, adds to its appeal. According to Bayleys agent Sarah Liu, Victoria Avenue is a highly sought-after location, particularly among Chinese buyers, who view it as a prestigious and desirable address.
The Relaxation of Foreign Buyer Rules and Its Impact
The relaxation of foreign buyer rules is expected to increase interest in the property from overseas buyers, including those from China, Singapore, and Europe. Liu notes that many new immigrants are drawn to Victoria Avenue, which is seen as a safe and desirable location. The property’s size, versatility, and prime location make it an attractive option for these buyers, who are looking for a luxurious and spacious home in a prestigious neighborhood. With its rich history, stunning features, and prime location, the Auckland mansion at 31 Victoria Avenue is sure to attract significant interest from potential buyers.