A strategically-located CBD fringe development site with interim holding income, just metres from the Beresford Square entrance to the under construction Karanga-a-Hape Station, has been placed on the market for sale.
The 1,777sqm freehold north-facing landholding at the corner of Beresford Square and Hopetoun Street has dual road frontages and is zoned Business-City Centre, a favourable zoning overlay which would allow residential and/or commercial development up to 35-metres, subject to volcanic view shafts over some parts of the site.
The elevated site has wide-ranging unobstructed views which can’t be built out across Hopetoun Street and the motorway system to the harbour and the CBD, and is a short walk from the Karangahape Road and Ponsonby Road retail and hospitality precincts.
The regular-shaped parcel of land was carved off a larger landholding that incorporated the landmark neo-classical Hopetoun Alpha building, one of the area’s most distinctive heritage buildings which now sits on its own title.
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Previously utilised as a tiered uncovered carparking facility for Wilson Parking, the Beresford Square site has been leased to City Rail Link Limited since late-2019 with the land used for construction activities, laydown area and site access for workers on the nearby CRL project.
The property returns holding income of circa-$894,000 per annum plus GST through a lease to the CRL project until 31st May 2025, with the lease including flexible make-good provisions at its conclusion.
Mike Adams, Alan Haydock and Damien Bullick of Bayleys are selling 17-27 Beresford Square, Auckland via a tender campaign closing Thursday 28th November, unless sold prior.
Adams says the vendor acquired the site several years ago with the intention of developing it for commercial use, but now it is genuinely surplus to requirements, hence the sale.
“Arguably the best and highest use would be a residential apartment development, particularly as it is so close to the Beresford Square entrance to the underground platforms for the new Karanga-a-Hape Station at Mercury Lane.
“The commuter station will facilitate streamlined transit to the CBD, with the journey by train from Karanga-a-Hape station to Britomart taking around six minutes.
“When the station opens, the Karangahape neighbourhood will be easily accessible from south, east and west Auckland given the interconnectivity of the train network, with improved bus schedules further transforming the area into a major transport hub.
“Council is encouraging mixed-use development in the nodes around the CRL stations. Development sites like the subject property in Beresford Square, which offers high-density residential capacity, are like hens’ teeth.”
Adams says the generous holding income until the end of May 2025 will allow a new owner to work through potential usage plans for the site and adds that the zoning would allow a sizeable residential development, perhaps with some boutique retail, food and beverage or other commercial space at street level.
“There’s been significant Council investment in infrastructure and service provision in the broader Karangahape Road neighbourhood ahead of the CRL opening, with the enhancement programme including a network of cycle ways, improved public transport, better pedestrian connections, and upgraded streetscapes.
“Beresford Square itself is a real gem with some great examples of heritage architecture like Hopetoun Alpha and part of the original Auckland Central Fire Station which has been converted to commercial/residential use.
“It’s an interesting and multi-layered neighbourhood with real character, and the subject property has great connectivity to the motorway and arterial roading system at all compass points.
“This is a desirable inner city location for businesses, workers and residents, and this blank canvas development site has exciting potential.”
Auckland Transport expects up to 40,000 people to use the Karanga-a-Hape station entrances in Beresford Square and Mercury Lane every day once the City Rail Link project is open.
- Supplied by Bayleys
