The Loxley luxury apartment project offers a unique opportunity for a “savvy” developer to begin immediate construction in Central Takapuna – the current hotspot for intensive residential development.
Located on a site for sale minutes from Central Takapuna and Takapuna Beach, The Loxley complex will treat residents with sweeping views, high-end interior finishes and a private rooftop garden – plus immediate access to all that Takapuna offers.
Resource consent and building consent approvals are already in place to deliver 47 luxury units on the site at 32-34 Tennyson Avenue – in what a real estate representative has dubbed a “plug-and-play” opportunity for a developer seeking to capitalise on the current housing market strength.
Michael Nees of Bayleys North Shore said The Loxley would consist of two five-storey apartment buildings connected by pedestrian bridges, with a single basement car park level. The planned complex lies in the heart of one of Auckland’s premium apartment development locations, he said.
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“Takapuna’s fundamentals underpin the value of the Tennyson Avenue site for sale and the potential success of an ensuing sell-down of apartment units. There are multiple comparable builds completed and sold in the immediate vicinity and several more are now selling successfully off the plans,” said Mr Nees.
The site at 32-34 Tennyson Avenue, Takapuna, is now being marketed for sale by way of deadline private treaty closing on 25 March (unless sold prior), through Bayleys North Shore.
Salespeople Michael Nees, Damian Stephen and Michael Su said the site consisted of an approximately 1,872-square metre landholding across three titles. Mr Nees said the land housed three existing dwellings – one of which was now configured and consented as a showroom. Together these offered a potential holding income of over $3,000 per week.
“With resource and building consents in place, a body corporate established, sale-and-purchase agreements drafted and approved for the sell-down of units, and a marketing website up and running, all of the early work has been done and significant risk has been eliminated for a developer,” Mr Nees said.
“The building consent approval, in particular, provides the project with planning certainty and will help to streamline project timelines – eliminating the need for various assumptions, delays and costs.”
Mr Stephen said the 47 consented residential units comprised 10 one-bedroom, 18 two-bedroom and 19 three-bedroom dwellings.
In total there are 43 car parking spaces, with the six largest units allocated two parks each and 31 units allocated one park each. There is also additional parking for bicycles. A rooftop garden on the rear building is designed to accommodate large groups for the exclusive use of residents. This will feature multiple communal barbecue and seating areas, and sweeping views from the Bayswater Marina to downtown Auckland. Designed for expected owner-occupancy, light and views have been a priority in the Loxley. Splitting the floor plate into two buildings results in 40 of the 47 apartments enjoying a corner perspective with two exterior walls.
“Many of the apartments offer expansive views of Waitemata Harbour and the Auckland CBD or residential Takapuna, while most of the ground floor units have private landscaped courtyards,” said Mr Stephen.
Mr Su said a flurry of recent successful apartment projects reflected Takapuna’s status as “one of the big winners” from the zoning shake-up under the Auckland Unitary Plan and a desirable place to live.
“The Unitary Plan now puts a strong focus on key commercial and residential centres, with a framework of intensive zoning and building key transport infrastructure around it,” said Mr Su.
“Central Takapuna was rezoned Metropolitan Centre, the most intensive zoning outside the CBD, while the periphery of the centre – including the Tennyson Avenue Site – is now zoned Residential-Terrace Housing and Apartment Buildings.”
Mr Su said the site’s zoning provided for the greatest density, height and scale of development of all the purely residential zones.
“This zoning overhaul has helped lead to an abundance of new apartment projects being consented, sold and built and these are establishing Takapuna as a premier destination for intensive residential development – and the area’s natural resources help to make it a premium location for people to live.”
Mr Su said a number of projects had been successfully built and sold down in more challenging markets prior to 2020, demonstrating the demand for this type of product in Takapuna. These included The Alba complex in Auburn Street, the Sargeson on Anzac Street, Eight Lake Pupuke on Lake Pupuke Drive and the Lakeview development on Killarney Street.
“Two other developments on Esmonde Road, the Sky Ridge and Amaia complexes, are now successfully selling off the plans but have not begun construction – illustrating the current gap in the market to be seized,” said Mr Su.
“Developers will best understand the unique advantage a 100 percent shovel-ready project offers at the Loxley.”
