A prime city-fringe site with dual street access in the desirable city harbour precinct has been placed on the market for sale, with resource consent for a residential development encompassing 49 apartments and 61 basement car parks.
Occupying 2,364sq m (more or less) at the top of College Hill between Freemans Bay and Ponsonby’s vibrant Three Lamps precinct, the property features mixed zoning, and flexible options for use.
Bayleys Auckland Central’s associate director of Investment Sales, Stephen Scott, says resource consent has also been lodged for 12 terraced houses, which would feature internal garage car parking for two vehicles and luxury floorplans up to 210sq m (more or less), in addition to 17 apartments – to provide additional options for a new purchaser.
“The Government’s introduction of incentives for new-build properties has spurred rapid growth in the sector, which continues to yield opportunities for landowners courtesy of the Resource Management Amendment Bill and tax legislation changes.
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“Close to 100,000 new homes, including apartments and townhouses, are expected to be sold off the plans in the next five years. However, many of these concentrate on satellite areas targeted for affordable housing.
“While a slower pace of market activity has impacted off-the-plan homes selling in the lower quartile, the luxury homes market has remained resilient, and a lack of high-spec homes in desirable locations continues to underpin a robust level of current demand from purchasers.
“The subject property is within walking distance from Ponsonby Road, Jervois Road, the New World Supermarket, and transport links to the CBD. The residences, designed for expected owner-occupancy, are anticipated to attract attention from professionals and retirees trading recent equity gains for a home more suited to their lifestyle.
“On the other side of the ledger, development fundamentals are becoming more attractive, with the easing of pandemic-related supply-chain disruption and central and local government focus on high-quality construction to enable density in urban areas,” he says.
Scott is marketing the property with Bayleys director of International Sales James Chan and Investment Sales colleague Kate Kirby.
The property at 99 College Hill will be sold by deadline (unless sold prior), closing at 4pm on Thursday, 1 December 2022.
Chan says the site’s dual street frontage to College Hill – with its 1,600 passing cars daily - and Dublin Street on its northern boundary presents a prime opportunity for a developer, investor or private purchaser.
He says the split zoning allowing for varying typographies across the site adds another element of opportunity, with approved resource consent for 32 apartments on the 1,173sq m Business – Mixed Use portion of the site and 17 apartments on the 1,191sq m (more or less), which falls under Residential – Single House zone.
In addition, resource consent has been approved for 61 basement car parks comprising a shared complex along the length of the site.
Kirby says the sites have been cleared of improvements and present a ready-to-build platform.
"The new purchaser stands to benefit from flexible use options for the property, including the ability to immediately proceed with the consented development, tailoring the project to suit their requirements, or land banking the rare to market site for future use.
“The architect’s concept drawings for the site show a series of attractive residences, with a graduated setback from boundaries and well-positioned landscaping to provide a soft visible impact.
“While being an established residential location, which forms part of the desirable city harbour suburbs precinct, the area has a limited supply of dwellings, a feature favouring future development and current demand for high-spec homes.
“However, a new purchaser may choose not to pursue current plans, opting to create their own dream residence to live onsite, taking advantage of the desirable location in one of Auckland’s most sought-after areas,” she says.
- Article supplied by Bayleys
