An apartment complex has gone up for sale in one of Auckland’s most desirable city-fringe neighbourhoods with the option to redevelop the site with more intensive housing.
The more than 2,600-square-metre site with multiple street frontages in Freemans Bay was developed with 12 two-bedroom apartments in the 1980s, long before the city’s current drive towards greater residential intensification.
The complex now has various defects in need of remediation, with fully consented plans in place for the necessary works.
It is being offered for sale “as is, where is” allowing buyers the option to repair and reinstate the existing complex, landbank, or redevelop, taking advantage of the highest-density residential zoning under Auckland’s unitary plan.
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The freehold property at 8 Pratt Street, Freemans Bay, Auckland, is being marketed for sale through James Were and Cameron Melhuish of Bayleys Auckland Central.
Sale is by way of a tender closing on Tuesday 10 October, unless the site is sold prior.
The three-storey complex comprises 12 fully self-contained two-bedroom apartments, each of which spans approximately 65 square metres and comes with its own car park. The façade of the building is made up of concrete block, weatherboard, and fibre-cement cladding.
The lower levels enjoy private courtyard areas while upper residences have private decks and views. Additional on-site visitor car parking is also available.
Some of the apartments are owner-occupied while the rest are rented, each returning between $580 and $680 per week.
Were said each unit was individually unit-titled, with the intention being to collapse the existing unit title plan and provide a new owner with a single freehold title upon settlement.
The property is well suited to residential development, with extensive frontage to Pratt, Hepburn and Anglesea streets. It is flanked by Freemans Bay Park to the east, and Harry Dansey Park to the northwest.
“The sizeable underlying landholding is zoned Residential – Terrace Housing and Apartment Buildings.
"Designed to enable a greater intensity of development than previously provided for, this zoning allows the greatest density, height and scale of development of all the unitary plan’s residential zones. This opens the way for buildings of up to 16 metres, or between five and six storeys.
“Nestled in a keenly sought-after position between Ponsonby and the CBD, the property is identified under Auckland Council’s Proposed Plan Change 78 as being part of a ‘walkable catchment area’. This is an area within a 15-minute walk from the city centre, in which buildings of at least six storeys could be enabled if the change is confirmed,” said Were.
Melhuish said the opportunity to unlock the site’s full potential was sure to ignite keen buyer interest.
“This is an underdeveloped freehold site of significant scale in one of the most desirable residential locations on Auckland’s city fringe.
“Current and proposed planning provisions make the property ripe for significant intensification with townhouses or apartments, while the existing complex offers a new owner the chance to generate holding income while they work up their plans and seek consents,” Melhuish said.
- Article supplied by Bayleys
