A prominent Mt Wellington site for sale is ripe for redevelopment with a substantial apartment or townhouse complex in an area seeing considerable urban regeneration.
Previously home to a doctor’s clinic in a converted onsite dwelling, the freehold corner landholding of some 1,179 square metres on Penrose Road is underpinned by development-intensive residential zoning.
This, bolstered by proposed planning changes, would enable a multistorey complex in an area identified by Auckland’s city planners as a focus for intensified housing.
Development prospects are further supported by over 70 metres of frontage and dual vehicle access to busy Penrose Road and Wilson Way, plus proximity to motorways and one of New Zealand’s largest retail and business precincts, at Sylvia Park.
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Bayleys director James Were said the upcoming sale offered a compelling opportunity for developers, land bankers or owner-occupiers to secure a sizeable freehold site with future upside in a coveted precinct.
“Situated within a thriving mixed-use area, the elevated property enjoys strong exposure, proximity to major retail hubs, immediate motorway connections and handy access to public transport.
“Already giving rise to evolving residential developments, this location is well suited to medium- and higher-density living. Flexible development potential under current and proposed planning frameworks will heighten the site’s appeal to developers, owner-occupiers and investors seeking strong long-term residential demand in a central Auckland location,” Were said.
The freehold land and buildings at 283 Penrose Road, Mt Wellington, Auckland, are being marketed for sale by Were and colleague Matt Dell of Bayleys Real Estate.
The site will be sold by way of a tender closing on Wednesday 25 February, unless it is sold prior.
Dell said the property was being offered to new owners with vacant possession.
“A solid single-level brick-and-tile house on the site has been used until now as a general practitioner’s clinic, supported by onsite parking for 10-plus vehicles. The approximately 157-square-metre building is configured with 10 rooms centred around a generous central waiting area, with flexibility for a range of alternative layouts or uses.
“However, the ultimate value of this property lies very much in its considerable development potential, backed by supportive council planning provisions,” Dell said.
The Penrose Road land forms part of the Residential – Terrace Housing and Apartment Building zone under Auckland’s unitary plan.
This zone is generally located around metropolitan, town and local centres, and the public transport network, to support the highest levels of intensification.
“Under Auckland Council’s proposed Plan Change 120, a building of up to 34.5 metres would be permitted on the Penrose Road site – equating potentially to a building of over 10 storeys,” said Dell.
“A future residential complex here would benefit from prominent frontage to Penrose Road and the site’s excellent connections to key transport routes, including the Southern Motorway, Great South Road and the Ellerslie-Panmure corridor. This exceptional accessibility supports convenient commuting to Auckland’s CBD, Sylvia Park, Auckland Airport and surrounding employment hubs,” Dell said.
- Supplied by Bayleys
