A strategic development site in Auckland’s inner west with favourable development overlays and approved Resource Consent for an intensified residential apartment complex is now for sale.
Four contiguous freehold titles at 1150-1160 Great North Road and 8 Parr Road North, Point Chevalier are for sale as one 3238sqm parcel of land, having been acquired by a developer with intentions to undertake an 8-level (including basement) mixed-use development, which has been consented.
The planned project would comprise 177 apartments, 75 car parks and three ground level commercial units over approximately 18,000sqm, according to the consented plans.
Permitted height for the proposed development is 25.5m , an increase on the 18m provided for in the Auckland Unitary Plan.
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Agents said the vendor, an experienced residential developer, acquired the two sites to provide a more efficiently-shaped landholding for a residential development, but is now concentrating on other bare land development projects, freeing up this site for a new owner.
The combined site currently contains a number of older low-rise industrial and residential buildings, with the properties being sold with vacant possession.
Marty van Barneveld from Bayleys’ projects’ team, and Gerald Rundle of Bayleys commercial/development land sales’ division, are handling the deadline private treaty sale, with offers closing 4pm Tuesday 4th July.
With the Auckland Unitary Plan’s new higher-density zonings enabling significant upscaling of residential housing options in suburbs identified as having locational and infrastructural benefits, van Barneveld said Point Chevalier has compelling credentials for astute developers.
“Point Chev is a high-demand location, well-positioned on the city fringe to leverage off streamlined transport connectivity and a high level of amenity in the wider catchment.
“We’re inviting proven investors with an eye for scale to seriously consider the potential development options that could be unlocked from this favourable Business-Town Centre zoned land that allows for a wide range of activities in an area clearly pinpointed for growth and intensification.”
Rundle said that while the site has Resource Consent for the outlined largely-residential development, a buyer should not be limited by that and could pursue a different pathway through the usual council channels.
“A new owner needn’t necessarily use the consented development model because the zoning allows for flexibility and they could seek approval for alternative concepts.
“The existing plans show the scale of development that could be done across the sites and this could be used as a starting point – even if it’s not where it ends up.”
There is other residential investment and development both underway and in the pipeline for the broader Mt Albert, Point Chev and Waterview area from private and public entities, delivering greater housing choice and improved affordability.
Rundle said a build-to-rent residential development model may be viable for this well-located Point Chev site, given market dynamics pricing many people out of standalone home ownership Auckland-wide.
“Long-term rental options that provide security of tenure within an established community are increasingly being considered by developers and institutional entities following global leads in that space.”
As a reasonably affluent suburb that was, for some time, deemed undervalued in the Auckland suburban market, Point Chev has out-performed many other city fringe suburbs in recent years, said Barneveld.
“It’s the location that sells it, with easy access to the city, the motorway network, shopping centres – the infrastructure and amenity is all there.”
The site is located on the city’s bus route, is within 2km of the Baldwin Avenue train station, while also being within easy reach of the Unitec Mt Albert Campus and St Lukes Shopping Centre.
- Article supplied by Bayleys
