Auckland Thoroughbred Racing, formerly known as Auckland Racing Club, is selling off a second multi-milion-dollar block of land at Ellerslie Racecourse.
The 1.43ha parcel at 130 Ascot Avenue is currently being used as a carpark and is likely to be of high interest to local and international developers.
The property, which borders the Southern Motorway, has recently been rezoned for residential and commercial development, putting its likely value well above its 2017 CV of $22.5m.
The listing comes three months after the racing club decided to sell off 6.4ha on the other side of the racecourse.
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Known as The Hill, that plot of land has the potential to house hundreds of new homes and is estimated to be worth around $100 million.
Barfoot & Thompson senior commercial brokers John Stringer and Cam Paterson are marketing 130 Ascot Avenue by deadline private treaty closing on November 17.
Ellerslie Racecourse's The Hill is also up for grabs. Photo / Supplied
The agents said the land would be of interest to residential and commercial developers. Its location next to Ascot Hospital and a clutch of medical offices could also create opportunities for those looking to provide healthcare premises.
“Approximately half the site is currently covered in grass, with the remaining half in a paved carpark area. It benefits from the huge exposure to the motorway, creating naming right opportunities for both commercial and medical users,” Stringer said.
Only a few sites on the edges of Ellerlie Racecourse have been released for residential and commercial developments since 2013.
Paterson said that 130 Ascot Avenue was zoned Business - Mixed Use Ellerslie 2 Precinct under the Auckland Unitary Plan. “The purpose of the Ellerslie 2 Precinct is to provide for a limited range of mixed uses that complement existing land uses to the northwest of the precinct and do not compromise the economic vitality of Ellerslie town centre.”
Under the zoning, developers would be able to put up buildings that are 18m and 25m in height depending on location. Paterson said that the property had previously been granted consent for 17,884sqm of floor space and 447 carparks.
“With the improved zoning potential, we estimate five levels in sub-precinct A and six levels in sub-precinct B, totalling 23,719sqm.”
Auckland Racing Club, which merged with Counties Racing Club earlier this year to form Auckland Thoroughbred Racing, has been re-assessing its property portfolio.
Several years ago it identified it had surplus land, which if sold or leased would provide ongoing income to support its racing activities. Only a few sites on the edges of the property have been released for residential and commercial developments since 2013.
Last year, a 3.17ha parcel of Auckland land formerly occupied by the former Caughey Preston rest home was bought by a developer with plans to build a comprehensive, master-planned residential project on the site.
The land, on Upland Road, in Remuera, had a CV of $100m, and was sold for around $70m.
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