Simon and Paula Herbert have relisted their Auckland waterfront mansion, located at 15 Cremorne Street in Herne Bay, for upward of $60 million through Wall Real Estate agents Graham and Ollie Wall, OneRoof reported. The move follows the collapse of an earlier deal with a US-based Saudi purchaser.
Herne Bay Property Could Break New Zealand Price Records
- The Herberts purchased the Herne Bay property in 2018 for more than $20 million and subsequently completed an extensive renovation designed by architect Brent Hulena.
- Price expectations for the six-bedroom residence now exceed $60 million, more than double its current rateable value.
- A transaction at this level would surpass New Zealand’s current residential price records, which include the $45.5m sale of the Chantecler estate in Queenstown and a $43 million Remuera property sale.
The Collapse of the Previous Tender
The six-bedroom residence was previously removed from the open market in April after securing four competitive offers during a tender process. Ollie Wall told Business Desk that a US-based Saudi purchaser had made an offer that the Herberts accepted, but the transaction ultimately failed to proceed. Business Desk reported that the timing did not suit the family to relocate to New Zealand.
When OneRoof asked Graham Wall in April if the property had sold, he stated that he could neither confirm nor deny the transaction. “I cannot say a single word about it,” Wall said at the time, indicating that a deal was close.
Renovated Waterfront Estate Features Wine Cellar and Boatshed
The Herberts acquired 15 Cremorne Street in 2018 and undertook a complete renovation of the dwelling. The estate spans 1075sqm and includes a six-bedroom residence.
Additional features of the waterfront property include an underground wine cellar, a private boatshed, and consented helicopter landings. Ollie Wall told OneRoof that rebuilding the residence from scratch would exceed the current asking price. “They [the Herberts] paid $27.5million and then completely gutted the house. To build that house would cost well over $25m. The land alone would be over $30m,” Wall said.
Sale Price Would Exceed Herne Bay Suburb Record
A sale at $60m-plus would exceed the existing Herne Bay suburb record of $38m, paid last year for a waterfront property on Marine Parade. It would also outpace the national residential record of $45.5m set in 2023 by the sale of Queenstown’s Chantecler estate to entrepreneur Karl Jameson, as well as the $43 million transaction secured by Bayleys agent Edward Pack for an Arney Road property in Remuera.
Ollie Wall noted that 15 Cremorne was one of only two or three other properties in Herne Bay that could fetch $60m-plus, citing a neighboring property on the same street recently completed by architects Fearon Hay. While the Active Investor Plus (AIP) visa scheme has opened up the prestige property market, New Zealand Sotheby’s International Realty agent Patrick McAteer noted that low uptake reflects a broader lack of available high-end stock rather than a lack of buyer interest.
| Property Asset / Transaction | Location | Reported Sale Price / Asking Price |
|---|---|---|
| 15 Cremorne Street (Current Listing) | Herne Bay, Auckland | $60 Million Plus (Asking) |
| Chantecler Estate | Queenstown | $45.5m (2023 Record) |
| Arney Road Property | Remuera, Auckland | $43 Million |
| Marine Parade Property | Herne Bay, Auckland | $38m (Suburb Record) |
Suzanne Browne, an agent with New Zealand Sotheby’s International Realty, observed that while an asking price of $60m was achievable if the right buyer came along, it accurately highlights the scarcity of ultra-prime real estate. Ollie Wall added that international high-net-worth individuals and family offices continue to view New Zealand as a secure hub.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
