Vacant land in central Auckland is in short supply and a prime mixed-use site in Newmarket presents a range of opportunities for buyers looking to secure a strategically located property with outstanding development potential.
1A Edgerley Avenue, Newmarket is a flat, rectangular site that spans 611sq m and is located near a range of popular amenities, including Westfield Newmarket.
Newmarket Station is less than 1km away and offers access to key public transport links via bus and train.
The freehold site is zoned Business – Mixed Use Zone under the Auckland Unitary Plan and the zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.
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Colliers Associate Directors David Burley and Jonathan Lynch have been exclusively appointed to market the property for sale by tender closing at 4pm on Wednesday 23 March, unless sold prior.
Burley, Associate Director of Investment Sales at Colliers, says developable land near the city fringe of Auckland is incredibly hard to find.
“It’s rare to see a site of this size become available, which is conveniently positioned near so many of Auckland’s most recognisable and iconic suburbs,” Burley says.
“The site enjoys favourable proximity to Broadway, Great South Road, and Manukau Road and these major arterial routes offer links to a range of locations throughout the city.
“On-ramps to the motorway network can be reached within minutes ensuring the future occupiers of the site will be able to travel north and south with ease up and down State Highway 1.”
Burley says Newmarket has a dynamic mix of land uses, including retail, commercial, hospitality, and schooling and continues to see significant development.
“Newmarket is a high-profile commercial environment with excellent proven value growth over time. According to research conducted by Colliers, office rental rates in Newmarket have risen over 20 per cent during the past five years.
“This property is located near a host of popular local restaurants, cafes, and bars, ensuring future tenants will be able to make the most of all that Newmarket has to offer.”
The site is in the sought-after Double Grammar Zone, while being located close to other notable schools such as St Cuthbert’s College, King’s School, and Diocesan School for Girls.
Lynch, Associate Director of Investment Sales at Colliers, says this property benefits from flexible zoning meaning prospective purchasers will be able to create a project of substance on this centrally located blank canvas.
“The Business – Mixed Use Zone is typically located around centres and along corridors served by public transport.,” Lynch says.
“There are a range of possible building heights depending on the context. Provisions typically enable heights up to four storeys. Greater height may be enabled in areas close to the city centre, metropolitan centres, and larger town centres.
“Mixed-use zone areas have a high level of amenity. A mix of compatible residential and non-residential activities is encouraged.”
Lynch says this property will be highly attractive to developers who will recognise the growth potential on offer given the lack of available land while demand continues to surge.
“We expect significant interest in this site and encourage all interested parties to do their due diligence and contact us immediately to ensure they can secure one of the few available vacant plots of land in central Auckland.”
- Article supplied by Colliers
