A large-scale landholding in the expanding southern Dunedin area that could be developed into more than 100 residential sections will pique the interest of developers looking for their next big project in a city that is experiencing huge demand for residential property.
102 Walton Park Avenue is a highly visible 12.6ha site with excellent access to State Highway 1 with Dunedin’s CBD only a short drive away.
The prominent site will have dual access through Walton Park Avenue and Blanc Avenue and if it was to be subdivided, each section could be between 700sq m and 900sq m, giving developers the opportunity to create prime residential real estate.
Colliers Otago Broker Matt Morton has been exclusively appointed to market the freehold site by deadline sale closing at 12pm on Wednesday 17 November, unless sold prior.
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Morton says blocks of subdividable land that come to the market in Dunedin are selling quickly and it is extremely rare to see such a large parcel become available.
“This site gives prospective purchasers a large-scale blank canvas to investigate and pursue how to unlock and create a truly unique offering to the market that will ease the pressure on Dunedin’s burgeoning housing market that is calling out for greater supply,” Morton says.
“Prices for sections in Dunedin have experienced steady growth in recent years as the demand for high-quality residential housing has risen, which is a trend we have seen throughout the wider Otago region.”
Initial concept plans have been drawn up for the site, which shows the potential on offer for an area that is only 11 minutes from Dunedin’s CBD.
“The proximity to State Highway 1 means this landholding is strategically located and will make for a short trip into the centre of Dunedin for commuters,” Morton says.
“Neighbouring suburb Green Island contains a modern supermarket, cafes, a medical centre, pharmacy, and a 24-hour gym, offering new residents a host of local amenities.”
Morton says Dunedin’s relaxed lifestyle holds great appeal for people who are moving to the city from New Zealand’s main centres, which is contributing to the need for greater housing supply.
“Dunedin has a new $1.5 billion hospital that is set to be built shortly and the city is growing steadily with a new cohort of students arriving and families choosing the southern lifestyle that the city offers.
“This combination of factors is creating further demand for housing and we predict the cost for sections will only continue to rise in the future if nationwide trends are followed.
Morton says a potential new subdivision will provide housing that will appeal to a range of people, including young families.
“Fairfield School, a primary and intermediate school that has a decile 10 rating, is in walking distance from this site, which will give families confidence that there are excellent education options for their children in the area.
“This site has the potential to be part of an exciting chapter in Dunedin’s growth as it builds for future generations.”
The site is zoned General Residential 1 Zone by the Dunedin City Council under the Second Generation Dunedin City District Plan.
“Given the scarcity of developable land in Dunedin we expect huge interest in this site and encourage all interested parties to do their due diligence and contact us immediately for more information.”
-Article supplied by Colliers
