A prime development opportunity has emerged in one of Auckland’s most prestigious suburbs.
Located at 5 Norana Avenue, Remuera, a 916sq m landholding is being offered to the market for sale.
With Residential – Terrace Housing and Apartment Building zoning, the land supports a high-density residential project and is positioned within the 'double grammar zone', adding value to any future development.
Sitting just off Remuera Road, the property is near top schools, Remuera’s shopping village, a supermarket, public transport, and key amenities, including medical facilities.
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The site has fantastic road frontage and offers on-site car parks. It also has excellent accessibility and design flexibility for future developments.
Colliers Directors Ronal Prasad, David Burley, and Peter Herdson have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 24 September, unless sold prior.
Prasad, Associate Director of Investment Sales at Colliers, says this property offers developers the rare chance to secure a tightly held Remuera asset.
“This unencumbered site is a stand-out investment for developers who have a chance to acquire a stake in one of New Zealand’s most sought-after residential locations,” Prasad says.
“While Remuera is known for its character homes, there is a growing number of apartment and townhouse developments in the area that are adding to a rise in urban activity.”
Burley, Auckland Director of Investment Sales at Colliers, says this offering combines the benefits of a premier residential setting and access to key amenities.
“The subject site is only 100m from Remuera village that has a broad mix of shops and hospitality spots, while there’s a collection of transport options nearby with train and bus services available,” Burley says.
“Commuters also have a manageable drive into the CBD for work and the motorway network can be reached via the on-ramps at Greenlane.
"Newmarket is only one suburb over offering further shopping opportunities, including Westfield Newmarket that is home to an array of international and luxury brands.”
Herdson, National Director of Capital Markets at Colliers, says the zoning of the property is a vital selling point for developers who have the potential to unlock the underlying land value of the site.
“As highlighted in the Auckland Unitary Plan, the Residential – Terrace Housing and Apartment Building Zone is the highest intensity residential zone, enabling a greater scale of development than other residential areas,” Herdson says.
“The zone’s purpose is to make efficient use of land and infrastructure, increase housing capacity, and provide residents with convenient access to services and transport. Sites like this one are seldom found in Remuera.”
- Supplied by Colliers
