One of the last remaining development sites in the popular Albany Central precinct, on Auckland’s North Shore, has been placed on the market by CBRE.
8 Corinthian Drive is a large L-shaped site with consents already in place for an office/apartment development. It is being marketed by Deborah Dowling and James Lee of CBRE by deadline private treaty closing on Wednesday February 19 at 4pm, unless it sells before the deadline.
The freehold 5,612sq m site, on business-zoned land, occupies a prime location next to the Kids Cove childcare centre and across the road from the new Orchard Park industrial estate, says Dowling.
“We’re expecting strong interest in this opportunity from investors and developers, given the increasing scarcity of bare land in the Albany area and wider North Shore,” she says.
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“Albany Central is a premium location and has been the centre of significant development activity over several years, with this site among the last few left on which a developer can stamp their mark. It’s now being offered on the open market, having become surplus to the current owner’s requirements.”
One of the biggest attractions for buyers is likely to be the existing consent for an 11-level, 10,917sqm apartment and office development on the site, says Lee.
“The property has a current consent in place for an office/apartment development, which could be a big plus for an investor or developer who wants to commence construction as soon as possible, avoiding the lengthy design, planning and council approval processes.”
The consented development is 39.9 metres in height which includes one level of underground car parking. The tower incorporates 88 apartments over eight levels and around 995 square metres of office space over two levels.
The top two floors are designed to feature premium double-level apartments, which will take advantage of panoramic views. The development also features generous parking provision, with 149 basement and on-site outdoor and underground car parks.
The site’s highly favourable Business – Business Park zoning means the buyer could also elect to develop their own project from scratch, given the wide variety of activities that can be carried out on the property, Dowling says.
“Development on this site doesn’t have to be offices or apartments, it could also be retail or warehousing. The beauty of the underlying zoning is that it is flexible and accommodative, so the buyer is under no obligation to proceed with the existing plans.”
Auckland Council’s Business – Business Park zone is designed to allow various business activities to group together in park or campus-like environments. It enables moderate to intensive office activity along with ancillary services such as gyms, childcare and food & beverage outlets. Areas with this zoning are recognised as high-amenity and comprehensively planned, with good access to transport networks.
The site, which has a generally level contour, offers the benefit of dual road access points from Corinthian Drive and Oracle Way. It also features a 34m frontage to Corinthian Drive, within the newest part of the larger Albany commercial precinct.
This highly sought-after location just off the Northern Motorway is also close to the Westfield Albany shopping centre, Albany Mega Centre, banks, convenience retail, North Harbour Stadium, Albany Park and Ride, schools and parks, says Lee.
“The property is also across the road from Orchard Park, a premium new master-planned light industrial precinct that is now home to national tenants including Westpac, ASB’s data centre and Mitre 10’s head office.”
As one of the fastest-growing localities in Auckland, Albany is recognised as a favourable location for property investment, Dowling says.
“Albany is one of three key growth nodes outside the Auckland CBD and has been identified for significant growth and intensification over the next 30 years. This will result in the area providing a diverse range of employment, housing, education facilities, community and civic services, as well as retail and commercial opportunities,” she says.
“Albany has proven itself as an excellent place to do business over recent years, with rapid development and very low commercial vacancy rates reflecting the demand among occupiers for premises in the precinct.”
High demand for office property in Albany has now resulted in office vacancy falling to zero, according to Colliers International’s latest office market research. A-grade office properties in Albany now command an average of $305 in rent per square metre per year.
According to Auckland Council, Albany’s population is expected to grow by over 16,000 people between 2018 and 2048, with job growth in the vicinity of 6,700 over the same period.
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