Two super lots and eight well-sized individual residential sections in the East Auckland suburb of Ormiston are being presented to the market for sale, offering buyers the opportunity to secure development sites with established infrastructure in a rapidly growing area.
Colliers has been exclusively appointed by Calibre Partners, acting as receivers of DDL Homes Ormiston Ltd, to market the sites for sale.
Located at 397 Ormiston Road, Super Lot 800 measures 5,993sq m and the neighbouring Super Lot 801 spans 5,460sq m. The eight individual titles, which sit at the rear of Lots 800 and 801, range in size from 400sq m to 434sq m, providing a significant combined landholding.
The two super lots are zoned Residential – Terrace Housing and Apartment Buildings Zone under the Auckland Unitary Plan, while the eight individual lots are zoned Residential – Mixed Housing Suburban Zone.
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The sites, which are located only 1km from the newly completed Ormiston Town Centre, can be purchased individually or as one super-sized offering, providing flexibility for prospective purchasers.
Colliers directors Josh Coburn, Blair Peterken, and Craig Smith are conducting an expression of interest campaign and all offers will be considered.
Lot 800 has resource consent for 75 apartments and the site has been cleared and levelled with services to the boundary.
Lot 801 is consented for 79 apartments across six blocks and while construction has begun, it is incomplete. The new owner could potentially utilise parts of the existing construction, or it may need to be removed.
Coburn, Director of Site Sales at Colliers, says these sites represent an outstanding purchasing opportunity in a high-growth area.
“These properties sit within a 4ha development site that has already undergone substantial development, but they are waiting for a new owner to bring them through to completion,” Coburn says.
“The receivers have made their instructions clear: present all offers, and they will be considered as all parties are motivated to sell these sites.”
Ormiston and the neighbouring suburb of Flat Bush have undergone substantial growth during the past decade.
Flat Bush is a key Auckland Council transformation project and is intended to house approximately 40,000 people by 2025.
Census data from 2018 notes that within its primary catchment, Flat Bush had a population of 18,972, an increase of 76 per cent from the 2013 Census, or 11.9 per cent per annum.
This growth far exceeds that seen elsewhere in Auckland and wider New Zealand and supports the significant investment made by Auckland Council.
Peterken, Director of Capital Markets at Colliers, says underpinning this growth is a strong residential catchment with home ownership rates sitting at approximately 65 per cent.
“Alongside its positive home ownership rate, homeowners have benefited from 5.6 per cent annual house price growth over the past five years and 7.1 per cent across the prior 12 months,” Peterken says.
“The Real Estate Institute of New Zealand reported an average house price of $1,510,000 in May 2022 within the Flat Bush suburb.”
Craig Smith, Director of Site Sales at Colliers, says sites that are zoned Residential – Terrace Housing and Apartment Buildings Zone are particularly appealing for developers given the flexibility on offer to create a high-density development that will generate strong interest in Auckland given the ongoing housing shortage.
“The two super lots present developers with the opportunity to secure a prime site in an area of Auckland that is enjoying significant investment and growth,” Smith says.
“Meanwhile, the eight individual titles are perfectly positioned to be developed and will be highly appealing for buyers who will have the opportunity to create something special on a blank canvas in an area surrounded by a range of amenities.”
- Article supplied by Colliers
