A prime development opportunity in one of Central Dunedin’s most sought-after mixed-use precincts offers developers and investors a chance to conceive a landmark project in a thriving urban environment surrounded by world-class neighbours, including Forsyth Barr Stadium, University of Otago, and the iconic Emerson’s Brewery.
Bayleys Dunedin broker Muir Gold is marketing the proposed freehold subdivision lot of 3,465sqm (more or less) at 76 Anzac Avenue alongside colleague Rachel Jones by negotiation.
“The property presents a rare opportunity to acquire a substantial landholding strategically situated next to the educational and stadium precincts,” Gold says.
“Benefitting from 86m of frontage onto Ravensbourne Road (SH88), the bare land site provides a spectacular opportunity for diverse utilisation, well-positioned for easy arterial access and prominent exposure.”
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“With freehold tenure and advantageous Princes, Parry and Harrow Street (PPH) zoning classification, the property offers a level of development flexibility that is increasingly rare in the CBD, where much of the land is constrained by leasehold tenure and tight zoning rules.
"This zoning allows for building heights of up to 20 metres and opens the door for a wide range of development opportunities, including hospitality, visitor accommodation, inner-city residential, education and training, and industrial and yard-based retail.
Dunedin, best known for its picturesque harbour and rolling hills, is also a vibrant academic and commercial hub, with the subject property benefitting from a prestigious location at the junction of the city’s major sporting, educational and cultural precincts.
Bayleys Dunedin broker Rachel Jones says the property is just a five-minute walk from the University of Otago campus and the Forsyth Barr Stadium, with proximity providing exposure to excellent foot traffic and access to a thriving student population of more than 21,000.
“Adjacent to New Zealand’s only fully enclosed multi-use stadium, Forsyth Barr attracts more than 2.5 million patrons annually with events ranging from international rugby fixtures to concerts by global artists.
"This creates a continuous demand for accommodation, hospitality, and retail offerings, presenting developers with an opportunity to capitalise on the site’s proximity to such a high-profile venue.
“Neighbouring Emerson’s Brewery also adds to the site’s appeal, with its award-winning restaurant, brewery tours and outdoor beer garden drawing a steady stream of visitation.
"This combination of world-class amenities and high foot traffic makes the site a prime candidate for mixed-use developments designed to appeal to residents and visitors.
“Dunedin’s commercial prospects are further bolstered by strong economic fundamentals, including a growing population, increasing demand for housing, and resilient retail activity.
"Major infrastructure projects, such as the $370 million redevelopment of the University of Otago campus provide further confidence in the city’s long-term growth potential.
“As Dunedin continues to thrive as a hub for education, tourism, and commerce, the subject property presents a superb opportunity for developers and investors to acquire a prime site in one of the South Island’s most dynamic cities.
"We expect strong enquiry given the potential to capitalise on a strategic location, flexible zoning and strong market fundamentals that continue to drive Dunedin’s future growth.”
- Supplied by Bayleys
