Carrington Estate golf resort selling off four luxury homes with $1 reserves

“We’re cashing out,” Tan said. “We had them to accommodate our guests from overseas.”

Tan said Ray White agent Hania Johnson had convinced Carrington to take the properties to auction with the ultra-low reserve.

Johnson told OneRoof she was inspired by the success of $1 reserve auctions conducted by colleagues in Auckland.

“We wanted to get some traction in this difficult market, so this bulk approach gives a sense of competition,” she said, adding that one of the properties, 25 Banyan, had been on the market earlier, first with a set price and then as price-by-negotiation.

Tan said the stylish homes were big – between 305sqm and 375sqm compared to a typical house size of 100sqm. “If anyone wanted to build a similar house today, you’re looking at a build cost of $4000 per square metre, so with 350sqm, that’s $1.4 million.”

Tan said Carrington had previously owned 12 properties in the development around Banyan Road, but these last four had been on the market for two to three years without success.

“These have just become a burden for us. When people come to stay with us, they prefer to stay on-site near the golf course so other than peak Christmas New Year season they don’t get used much,” he said.

The houses were competing with the hundreds of Airbnb listings in the area and the rental income did not cover the almost $50,000 annual bill Carrington faced for costs like rates, insurance, and maintenance.

Tan added: “We understand the economy and the current housing market. There are few sales in the Far North, lending is hard, and the overseas buyers aren’t there, so this time we try this.”

When Carrington Estate launched in 2002, its American founders hoped it would become New Zealand’s northernmost winery.

However, the 18-hole golf course with a clubhouse and lodge accommodation as well as a vineyard and cattle farm, has had its share of controversy, when the owners’ plans for a subdivision faced a 10-year battle with Ngāti Kahu that ended with the High Court quashing resource consents in 2011.

The estate was sold to Shanghai CRED in 2013 which initially had warm relationships with the hapū until Carrington filed a resource consent for a 140-lot development in 2021. Carrington made more headlines in 2022 and 2023 when employees took the company to the Employment Relations Authority for unfair dismissal.

According to NZME, the resort then filed for liquidation in August last year.

Tan said that because they are rarely used, the four houses on Banyan Road were like new. Designed by Arcline Architecture and built by top local builders, the properties will be sold with appliances, but without furniture or equipment.

The houses at number 25 and 27 Banyan Road are modern flat-roofed timber style, terracing down the hill to a bush gully, while numbers 30 and 49 have more traditional hip-roof styling and sea views. All have three or four bathrooms, a double garage and security systems.

Johnson said: “We want people to recognise the calibre of the builds. They are still within their 10-year building guarantee. Everything was done to such a high specification – the bedrooms are big and there are luxury tiled bathrooms.”

The agent said the properties would appeal to Aucklanders looking for a holiday home, which they can share with extended family or let out on Airbnb during the peak season.

“We’re finding the Auckland-creep is heading up this way coming that bit further north than Orewa or Mangawhai, as it’s only four-and-a-half hours on the motorway.

“The Karikari Peninsula is still affordable, we have fabulous beaches – Matai, Tokerau, Whatuwhiwhi and Rangiputa – only five minutes away, and there’s a good shopping centre on the peninsula,” she said.

The agent said smaller, more basic places in the subdivision fetched around $700,000, while large houses of this quality of finish sold for between $800,000 and $1m.