A partially completed residential development located in the heart of Albany on Auckland’s North Shore is being offered to the market via mortgagee sale giving developers the opportunity to complete the project or reposition the offering.
Sitting at 12, 14, and 38 Library Lane, Albany, the property is held in three separate titles and the total landholding spans 10,896sq m. Purchasers have the opportunity to acquire the freehold sites individually or in one line and they are being sold ‘as is, where is’.
An existing consent is in place for 126 apartments to be built at 12 Library Lane as well as 140 basement car parks. This means the 6,552sq m site is positioned to be developed into a substantial residential space in one of Auckland’s rapidly evolving metropolitan centres.
Significant progress has been made at the property. Earthworks on the main site have been completed, and two levels of basement parking are largely constructed, providing a meaningful head start for an incoming developer.
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The scale of the existing works represents a considerable investment already embedded in the project, allowing purchasers to leverage the progress made and focus on delivering the next stages of construction.
There is an operative resource consent for a seven-level hotel at the 809sq m site at 38 Library Lane, although work has not yet commenced. No representation is made regarding the transferability, implementation, or ongoing validity of this consent.
Meanwhile, the landholding at 14 Library Lane spans 3,535sq m.
Albany offers residents convenient access to a range of key amenities as well as shopping centre Westfield, Massey University, and North Harbour Stadium. The motorway network is only a short drive away, which opens up connectivity to the wider Auckland region.
The property is zoned Business – Local Centre Zone under the Auckland Unitary Plan.
Colliers Directors Josh Coburn and Shoneet Chand have been exclusively appointed by the Mortgagee to market the property for sale via deadline private treaty closing at 4pm on Wednesday 15 April, unless sold prior.
Coburn, Director of Site Sales & Capital Markets at Colliers, says this offering gives prospective purchasers the chance to acquire an asset that can be positioned to meet the demand of a growing area.
“This is a genuine opportunity to secure a well-advanced development project in a tightly held metropolitan location,” Coburn says.
“The property is available to purchase either as a combined holding or individual titles, providing flexibility for a range of development strategies.”
The development sits within a well-considered, masterplanned precinct, designed to create a sense of privacy and urban cohesion while remaining close to Albany’s extensive amenity.
Chand, Director of Investment Sales at Colliers, says Albany is viewed as a critical growth node that will play a key role in Auckland’s future expansion.
“There has already been considerable residential development in the area, which shows how user friendly it is for residents who are able to take advantage of the nearby commercial services,” Chand says.
“There is also substantial transport connectivity through multiple bus routes and key arterial roads, alongside the Northern Motorway that is easily reached.
“Auckland Council’s Auckland Plan 2050 specifically highlights Albany as a location that will act as an area to accommodate future expansion and provide business and employment activity, civic services, and residential options, making this a purchasing opportunity that fits into the vision for the city.
“Interested parties are encouraged to undertake their own investigations and seek appropriate professional advice regarding the works completed on-site.”
- Supplied by Colliers
