Chinese buyers to turn two Auckland farms into vast new housing estates

(NZHERALD)Chinese interests have bought two farms north of Auckland spanning 94.4ha which will soon be rezoned from rural to urban, allowing vast new housing estates to be built.

A 46.4ha property south of Warkworth opposite Valerie Close had sold for $7.7 million, Saull Hinton, Barfoot & Thompson's Warkworth sales manager, said.

The 46.4ha property south of Warkworth sold for $7.7 million.

It was sold via Barfoot agent David Dai.A separate 48ha property on Thompson Rd near Parry Kauri Park sold for $8 million but not through his agency, Mr Hinton said.

"It's my understanding they are two different identities," he said of the Chinese buyers.

"The drawcard of the land is the size. Chinese are interested in everything, to be fair. The land has rural zoning but it's proposed to be future urban," he said of the Unitary Plan designation for the sites.

The 46.4ha farm near Warkworth was marketed by Barfoots as "future urban -- landbanking opportunity", described as only 33 minutes away from the Auckland Harbour Bridge.

The farm has a double Olympic-sized dressage ring, stables and separate lunging ring.

"This is a magnificent property and the culmination of years of hard work and careful planning, but its future now is to provide 100s of families a place to call their own and provide massive rewards for those who dare to develop their homes for them," Barfoot advertising said.