The auction realised sales of more than $27 million which joint partner Hopper Developments Ltd, said demonstrated strong interest in canal and coastal property.
When fully developed Marsden Cove will comprise up to 700 residential sections, 350 of which will have canal frontage.
The hub of the development will incorporate a 230-berth marina with adjoining retail and apartment housing.
The first stage of construction started in January and is due for completion late in 2006. Marsden Cove is expected to take 10 years to complete.
The development is a 50/50 joint venture between Hopper Developments Ltd and Northland Port Corporation(NZ) Ltd.
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