More than 6ha of land owned Auckland Racing Club is being sold off for housing.
The land, estimated to be worth around $100 million, sits at the eastern end of Ellerslie Racecourse on Ladies Mile and is to be subdivided from the racecourse.
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The site has been listed for sale with CBRE, with expressions of interest closing on August 12.
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Known as The Hill, it is one of the largest parcels of greenfield development land left in central Auckland.
The New Zealand Herald reported that the impending sale of the site and the end of jumps-racing at Ellerslie had angered some.
However, barely 10 races are run over the Hill per season and the sale would be a financial boon for ATR.
CBRE senior director John Holmes, who is marketing the property with the agency's executive chairman Brent McGregor, said the site could accommodate somewhere between 400 and 550 homes.
“This massive, premium land holding will be considered a once in a lifetime opportunity by residential developers, both in terms of its scale and location," he said.
“As part of Ellerslie Racecourse, the site is currently zoned Special Purpose – Major Recreation Facility under the Auckland Unitary Plan. However, Auckland Racing Club intends to seek permission to pursue fast track consent under the Covid-19 Recovery (Fast-track Consenting) Act 2020, which would streamline the pathway to eventual construction for the purchaser.”
“The site presents an opportunity to capitalise on the strong growth in house prices in neighbouring Remuera and appeal to aspirational home buyers. We expect strong interest from both local and offshore developers looking to take a meaningful exposure to the central Auckland real estate market."
The Marianne Caughey Smith-Preston Memorial Rest Homes Trust Board has sold their 3.17ha site in Auckland's Remuera. Photo / Supplied
McGregor said the land would be of interest to retirement village developers.
While the land sits just outside Auckland's desirable double grammar school zone, the city's central location and scale will make it an attractive proposition to buyers.
Last year, a 3.17ha parcel of Auckland land formerly occupied by the former Caughey Preston rest home was bought by a developer with plans to build a comprehensive, master-planned residential project on the site.
The land, on Upland Road, in Remuera, had a CV of $100m, and was sold for an undisclosed sum, in a deal brokered by Colliers.
