Eight Auckland homes that were to be cleared and turned into a high-quality apartment block are back on the market for sale.
The homes, which sit on a combined 5244sqm site at 6-14 Meadowbank Road, in Meadowbank, are being sold with consent in place for a 58-unit six-level apartment and seven three-level terraced homes.
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Southside Group had purchased the site along with Dryden Property and Arcus Property and had marketed the development as Soto Residences.
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The three groups are now selling the properties, which have a combined CV of more than $14 million, through Colliers International by way of expressions of interest, closing at 4pm on November 25.
Cary Bowkett, of Southside Group, told OneRoof that the shareholders in the project had gone their separate ways and now was a good time to sell and let someone else to take on the site.
The listing comes as the development market in Auckland is heating up, with agents telling OneRoof they have hundreds of developers searching for sites in the city.
The design for Soto was futuristic. The apartments would have boasted stunning views of the harbour. Photo / Supplied
6-14 Meadowbank Road is one of several development-ready sites that have come to market in recent months. Colliers is also selling a 2,364sqm parcel of freehold land at 99 College Hill, in St Marys Bay, with resource consent in place for 49 premium apartments and terrace houses.
Earlier this year it sold the site of the former Caughey Preston rest home in neighbouring Remerua to a developer, while Ray White sold at large Victorian home at 78 Orakei Road for $8.6 million to Gibbons Co, which plans to turn the site into 19 high-end townhouses.
The properties for sale at 6-14 Meadowbank Road, Auckland. Photo / Supplied
Josh Coburn, site sales director at Colliers, said demand was high for residential development sites across Auckland.
“Residential property, and land in particular, is seen as a resilient investment. This has translated to strong sales, with Colliers transacting more than $350 million of development land since the first Covid-19 lockdown," he said.
The design for the planned 49 apartments and terrace houses at 99 College Hill. Photo / Supplied
“Developers are seeking sites of scale, particularly in prestigious city fringe locations with good amenity. This land on offer in Meadowbank ticks all these boxes, with the added benefit of an approved resource consent for a well-considered development.”
The properties at 6-14 Meadowbank Road are currently tenanted, returning $292,880 a year in rent. Blair Peterken, capital markets director at Colliers International, said this would make them "an attractive source of income for land-bankers seeking capital gains or developers looking to reposition the site in future".
“The potential for the site is enormous. Its ridgeline location would provide panoramic views across the Waitematā Harbour to the city. The neighbouring sites in front have a lower density zoning which helps to protect the views."
David Burley, associate director of investment sales at Colliers, added that the site was in zone for good schools and was next to a shopping centre that included a Countdown supermarket.
The buyer of the former Caughey Preston rest home intends to develop a comprehensive, master-planned residential project on the site. Photo / Supplied
Coburn said the current resource consent was valid to July 2022, and allowed for the development of two distinct building designs.
“The consent provides for a six-level apartment building fronting Meadowbank Road, and seven standalone townhouses to the north of site.
“The apartment building would provide for 58 units in a mix of one, two and three-bedroom units along with a two-level basement providing for 130 car parks.
“The three-storey townhouses all have northern outlook to a leafy and peaceful environment, with parking and multi-purpose room on the ground floor, generous living area on the middle floor, and three bedrooms on the top floor.”
Redesign concepts have also been prepared; one which fits within the original consented envelope but reduces the size of the apartment units, and another which reduces the size of the apartment building and provides for terraced housing across the balance of the site.
