Contiguous properties zoned Residential – Mixed Housing Urban Zone in one of Auckland’s most sought-after suburbs presents prospective purchasers with the opportunity to secure an excellent investment situated on a substantial landholding with significant future development potential.
Positioned only 2.5km from Saint Heliers Beach and 10km from Auckland’s CBD, the properties at 318-320 Saint Heliers Bay Road and 12 Lintaine Place cover some 2661sq m of land. Readily available access north and south is provided by the nearby Route 9, which links to the Greenlane interchange on State Highway 1.
The properties, which are being sold as a combined offering, are currently tenanted by childcare provider Bear Park.
Their main centre is located at 318-320 Saint Heliers Bay Road, which has a land area of 1811sq m, while the 850sq m 12 Lintaine Place houses a residential dwelling that is subleased by Bear Park.
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The properties provide significant combined holding income of $259,421 plus GST per annum and Bear Park’s lease on both sites is in its final term with an expiry of August 2027.
Colliers brokers Ronal Prasad, Logan Roach, and Gareth Fraser have been exclusively appointed to market the properties for sale by deadline private treaty closing at 4pm on Wednesday 9 March, unless solid prior.
Prasad, investment sales broker at Colliers, says the zoning makes this a highly desirable purchasing opportunity that is full of potential.
“The Residential – Mixed Housing Urban Zone is a reasonably high-intensity zone enabling a greater intensity of development than previously provided for,” Prasad says.
“Over time, the appearance of neighbourhoods within this zone will change, with development typically up to three storeys in a variety of sizes and forms, including detached dwellings, terrace housing and low-rise apartments.
“This supports increasing the capacity and choice of housing within neighbourhoods as well as promoting walkable neighbourhoods, fostering a sense of community, and increasing the vitality of centres.”
Roach, investment sales broker at Colliers, says Saint Heliers is one of Auckland’s most in-demand suburbs given its beautiful surroundings and excellent access to top schools and local amenities.
“The site offers dual access providing convenience for the current tenants and any future developments, it is also highly visible with 50m of street frontage. The land slopes towards Lintaine Place, providing a fantastic view of the harbour,” Roach says.
“Demand for land and dwellings in Saint Heliers is at an all-time high and proposed legislation changes around housing intensification only adds to the appeal of this large site that is well-served by public transport.
“Saint Heliers is approximately 10km from Auckland’s CBD and can be reached via the scenic Tamaki Drive, while the subject sites enjoy favourable proximity to St Heliers School, Sacred Heart College, and Selwyn College. Eastridge Shopping Centre is 2.4km away and nearby Glen Innes offers further access to amenities including Pak’nSave, Chemist Warehouse, and a range of eateries.”
Fraser, Auckland director of investment sales at Colliers, says given the properties provide steady holding income, the future owner will be able to strategically plan their future moves.
“The multi-storey childcare centre is licensed for 65 attendees and CPI rent reviews are in place for August 2023 and 2025, adding to the strong tenant covenant on offer,” Fraser says.
“The size and scale of the land provides the new owner with a range of potential options for the future, and they will have the ability to maximise the current investment or reposition or develop the site to add to the area’s vibrancy.”
- Article supplied by Colliers
