A large freehold development site in Remuera complete with resource consent and comprehensive plans for a premium townhouse project has been placed on the market for sale.
The Residential-Mixed Housing Suburban-zoned 4,246sqm landholding at 70 Middleton Road enables intensification while retaining a suburban character.
Resource consent is in place for 15 upmarket two and three-bedroom townhouses variously configured over two or three levels with car parking.
Renders show a tasteful development orientated to take advantage of the natural features of the site and empathetic to the surrounding environment.
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In response to the government’s urban development stance to allow even more intensive development and a higher allowable build height to (16 metres) in and around certain neighbourhood, local and town centres, the property’s zoning is further proposed to be upgraded to Residential-Terrace House and Apartment Building under Auckland Council’s Plan Change 78.
Falling within the coveted double grammar zone for secondary schooling, and within walking distance to Newmarket, the site has a north-facing aspect with elevated water, park and city views, and is neighboured by quality homes.
“Residential sites of this scale don’t often come up for sale in Remuera and as this one has resource consent plus in-depth design plans, we expect it to be popular with a range of developers,” said Damien Bullick of Bayleys Auckland, who is handling the tender campaign with colleague Alan Haydock.
“The site offers opportunity for immediate development or strategic landbanking and experienced operators in the market will recognise the inherent upsides of both the location, and the fact that a lot of the hard work has already been done in obtaining the resource consent and having well-advanced working plans.
“Remuera has seen minimal value dips despite a nationwide softening of the residential market and remains a sought-after area for buyers given its locational and reputational advantages.”
The existing zoning and proposed development plans work well for the site, but Bullick said some may see tangible upside in the proposed higher-density zoning.
“The zoning uplift may make the proposition more appealing for some developers. However the existing consented plans for just 15 high-quality well-positioned townhouses will provide less-intensive options and a more boutique offering which we’d expect to resonate with the market.
“A new owner can take advantage of the work done to date and capitalise on this ready-to-go development, or alternatively tailor and revise the consent to suit their requirements.”
Positioned on the border of Newmarket and Remuera and a short walk from Parnell, the property is also in close proximity to motorway onramps, hospitals and Auckland’s CBD.
The immediate locality is characterized by predominantly large character family homes, along with some smaller modern residential developments.
70 Middleton Road, Remuera will be sold by tender closing 4pm, Tuesday 7 March, unless sold prior.
- Article supplied by Bayleys
