Three separate properties from the Du Val portfolio are being presented to the market for sale and offer buyers the opportunity to acquire assets that are in varying stages of development.
The first offering is the Sunnyvale Development, a 5,537sq m development site that is located at 101-103 Awaroa Road and 9-11 Sunhill Road in Sunnyvale, Waitākere. The property has dual access points and is spread across four freehold titles. A resource consent is in place for 46 terraced housing units.
This property comes with advanced civil works that will be completed by the statutory managers by March 2025 offering considerable value for buyers given the drainage, earthworks, and retaining works will be included. Buyers can consider using the existing resource consent or varying it for the above ground works.
The second property is a 4,832sq m development site at 64-74 Edmonton Road in Henderson and has six separate titles. A resource consent has been granted for 57 terraced units. While there is a resource consent in place, work had begun in varying this and that work can either be completed or reimagined by an incoming purchaser.
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The third and final property on offer is part of the Mountain Vista Estate at 35-37 Walmsley Road in Māngere, a master-planned community featuring close to 200 dwellings.
The buyer can acquire the apartment site, which is under construction and due to be completed in August 2025. This block includes 22 apartments on the first and second levels with a resource consent variation lodged to create a further 13 ground-floor units. Significant progress has been made on the development and 19 of the units are already pre-sold.
Experienced and qualified builders are in place to complete the development.
The Sunnyvale Development and Mountain Vista Estate properties are zoned Residential Mixed Housing Suburban Zone under the Auckland Unitary Plan. The Edmonton Road property is zoned Residential Mixed Housing Urban Zone.
Colliers Directors Josh Coburn, Blair Peterken, and James Appleby have been exclusively appointed by the Government-appointed statutory managers of various entities associated with Du Val Property Group, from PwC New Zealand, to market the properties for sale.
Colliers are taking expressions of interest on the individual properties with the deadline closing at 4pm on Wednesday 20 November, unless sold prior.
Coburn, Director of Capital Markets and Site Sales at Colliers, says the appointment of the statutory managers means there is a motivated vendor and the properties will be sold to meet the market.
"These development opportunities are all in different stages of their lifecycle and will suit different types of buyers. They represent the chance to acquire a site that can be quickly progressed," Coburn says.
"Given the ongoing interest in the Du Val case we expect there will be strong levels of inquiry from prospective purchasers."
Peterken, Director of Capital Markets at Colliers, says the strategic locations of the sites means they are in areas that are rapidly growing in Auckland and are surrounded by amenities such as shopping centres, schools, and key transport routes.
"Economic green shoots are emerging as interest rates drop following cuts to the Official Cash Rate and there is a need for a pipeline of work to meet the expected demand for housing as the economy bounces back," Peterken says.
Appleby, Director of Site Sales at Colliers, says the combination of a motivated vendor, well-located sites, and existing resource consents means these properties warrant serious consideration from developers.
- Supplied by Colliers
