A substantial development site with road frontage to a major planned intersection in a key South Auckland growth node offers new purchasers a wide range of subdivision and add-value opportunities, say Bayleys salespeople.
The regular-shaped block on 10.2082ha (more or less) of freehold land at 41 Jesmond Road, Karaka, has been placed on the market for sale, occupying a prime corner with dual road frontage to State Highway 22.
Bayleys South Auckland salesperson Shane Snijder says the property represents a significantly-sized parcel of land ripe for development – an asset that have become increasingly rare on the market.
“Auckland Council has long identified Karaka as a key growth node, which is becoming Auckland’s newest satellite city with a sustained pipeline of residential, commercial and industrial development in the works,” Snijder says.
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“Big players have heard the call, and the region boasts many significant developments at various stages of completion, including the Drury South Industrial Park, Kiwi Properties’ proposed new shopping centre, and Fisher & Paykel’s planned research and development centre and campus.
“With boundaries along Karaka and Jesmond Roads, the site is a central part of a high-growth precinct earmarked in Auckland’s Unitary Plan as a key arterial route connecting State Highway 22 with the evolving Karaka North precinct and established Papakura.”
“In addition to this, the site is directly opposite the Drury West rail station and accessway, which will provide vital public transport amenities to the community,” he says.
Snijder is marketing the Jesmond Road property for sale with colleague Ian Buchanan.
The property will be sold inclusive of GST by way of tender, closing at 4:00 pm on Tuesday, 6th?December 2022 (unless sold prior).??
Comprising generally flat pastures divided by shelterbelt planting, the property is zoned Residential – Future Urban, a traditional zone applied to greenfield land sites identified as suitable for urbanisation.
Bayleys Pukekohe salesperson Ian Buchanan says while land surrounding the Jesmond Road property generally falls under Future Urban zone, there is live-zoned residential and business land present in the immediate locality as a product of Private Plan Changes.
“These areas have been identified as a combination of Terrace Housing and Apartment Buildings (THAB) and Town Centre zone, with future rezoning of nearby sites likely to follow established rationales to enable residential intensification.
“The site is located within what is proposed to be a future central commercial hub for Drury West and is intended to be the main centre of business activity and a platform for high-density residential development.
“It sits amid one of the Auckland region’s most exciting growth hubs. Major housing developments, including the Paerata Rise lifestyle community between Karaka and Pukekohe and the Auranga development at Karaka’s Bremner Road, are set to cement the region as a desirable dormitory town.
“Residents can commute to North Waikato or across Auckland, while a burgeoning local economy continues to provide local prosperity.”
Buchanan says the broader region is the benefactor of more than $2.4 billion in Government investment into infrastructure, which reinforces the value proposition for a new purchaser of the Jesmond Road property.
“Such sizeable blocks are keenly sought-after by developers which identify value in the ability to dovetail projects behind Auckland Council’s vision and corresponding investment for the broader region.
“Developers, investors and land bankers understand opportunities afforded by Auckland’s new urban limits, and there is significant money to be made by betting on future zoning.
"Planned projects are indicative of growth, and the recent cooling of the property market is allowing buyers increasing scope to leverage land values to deliver housing initiatives,”’ Buchanan says.
- Article supplied by Bayleys
