A major mixed-use development opportunity is to be unlocked in the heart of central New Lynn following Auckland Council’s decision to offer a large landholding for sale.
The 2,384sqm site at 41 McCrae Way is located on the doorstep of the suburb’s library and a short stroll away from its train station and transport hub and the LynnMall shopping centre.
Eke Panuku, Auckland Council’s urban regeneration agency, is seeking a partner to develop the site which currently provides open air carparking.
“Part of Eke Panuku’s role is to work alongside private developers to make the best use of underutilised council land to deliver wider community benefits, and we are now seeking the right partner to bring this key site to life as part of the next stage of the revitalisation of New Lynn’s town centre,” says Marian Webb, Eke Panuku’s general manager, assets & delivery.
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Bayleys Real Estate has been appointed to sell the property by way of expressions of interest closing 4pm, Wednesday, November 9.
Webb says the property will not be sold before that date to give all interested parties an equal opportunity to undertake due diligence and make an offer.
Gerald Rundle, Bayleys’ director of corporate projects and land sales, says the property’s Business - Metropolitan Centre zoning allows for intensive development across a wide range of uses including high-density residential, office, retail, hospitality, visitor accommodation, cultural, community and civic service activities.
“This is a very significant development opportunity. There are only 10 major urban areas across Auckland with a Metropolitan Centre zoning which is second only to Auckland’s CBD in terms of the overall scale and intensity of development that is permitted.
"The height allowance of up to 72.5m which applies to some of these metropolitan centres, including New Lynn, is also the most favourable outside of some parts of Auckland’s CBD.
“The property is strategically positioned in a location with proven demand for residential accommodation with two apartment buildings having been constructed nearby after being quickly sold down off the plans.
"The level, curved contour of the site makes it well suited to residential development, perhaps with some commercial premises incorporated at ground level,” says Rundle.
“Adding to its residential development appeal is the property’s proximity to the train and bus stations and the library and community centre, which are not much more than a hop, step and jump away, along with further amenities such as LynnMall and other retail and food and beverage premises.”
Rundle says Eke Panuku has stipulated a number of outcomes and minimum requirements to deliver a high quality, comprehensive development for the site which include:
-Any development must be a minimum of four storeys, complement the adjoining urban scale and follow a continuous building line along the footpath on McCrae Way.
-High quality architectural design, with form and materials that consider the area’s wider context and adjoining buildings.?
-Minimum of a 6 Homestar or 5 Greenstar ratings for its residential and/or commercial components respectively.
-Acknowledgement of the rich history of Maori settlement in the area through engagement with mana whenua.
-Ground floor premises must overlook the street and encourage activity. This could include retail or commercial uses, residential entries, building lobbies or communal areas.
-Continuous canopies for shade and rain shelter along the McCrae Way frontage.
Bayleys' senior broker Mike Adams, who is marketing the property with Rundle, says the property is located in a prime position at the gateway to New Lynn’s ‘Merchant Quarter’ precinct which has been identified as the central point of the New Lynn’s urban revitalisation plan.
He says the plan is already well advanced with McCrae Way having been upgraded and two neighbouring apartment complexes completed encompassing a 10-storey tower containing 110 apartments and a five-storey apartment building on the roof of a council car park, with their ground floor retail and food and beverage units fully occupied.
Adams says NZX listed Kiwi Property has also contributed significantly to the rejuvenation of central New Lynn through its ongoing redevelopment and refurbishment of the nearby LynnMall shopping centre.
This has included a major expansion in 2015 to incorporate an eight-screen cinema complex, an outdoor dining lane called Brickworks and additional specialty stores.
First opened in 1963, LynnMall is New Zealand’s longest established shopping centre and is anchored by a Countdown supermarket and Farmers department store, with over 130 other tenants.
- Article supplied by Bayleys
