A 4.35ha residential development site with excellent access to amenity is for sale in the rapidly changing East Auckland suburb of Glen Innes.
Strategically located at 136 Taniwha Street, the property benefits from excellent proximity to a wide range of shops, parks, community facilities and public transport.
It comprises a flat, regular-shaped corner site with flexible Terraced Housing and Apartment Buildings (THAB) zoning, which allows for development of up to 16m in height.
Josh Coburn, Site Sales Director at Colliers, says it is one of the premier development opportunities of 2021.
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“Residential development land has been among the most active sectors in the post-Covid market, as continued house price growth bolsters the case for new projects.
“The Taniwha Street site presents an exciting opportunity to get in on the action by securing a prime piece of Auckland development land.
“It is one of the largest single residential development opportunities in Auckland right now, providing excellent scale and density potential.
“The site is strategically located in a coveted affordable housing area that continues to benefit from ongoing urban renewal.
“Its sought-after THAB zoning allows for an attractive range of development options, including single dwellings, townhouses, apartments, or a master-planned combination of these.
“The property’s size, location and zoning all add up to a premium offering that is sure to attract attention in the current market.”
Colliers has been exclusively appointed to market 136 Taniwha Street, Glen Innes, for sale by expressions of interest closing at 4pm on Thursday 4 March, unless it is sold earlier.
The site is owned by Ngati Whatua Orakei, and it is being sold to realise funds that will be invested in their people, their tribal aspirations and housing projects on their papakāinga in Ōrākei.
Blair Peterken, Capital Markets Director at Colliers, says the site’s location has abundant potential.
“Glen Innes is located in the heart of East Auckland, to the east and south of the premium suburbs of Remuera, Kohimarama and St Heliers.
“It is one of three hubs of the Tamaki Regeneration Programme and is currently undergoing a significant transformation. More than 10,500 new homes will be built in the area over the next 25 years, which will open doors to home ownership for thousands of young Kiwis.
“The substantial scale of the Taniwha Street site will make it an important pillar of the area’s transformation.”
The site benefits from substantial local amenity. It is on the corner of Taniwha Street and Elstree Avenue, diagonally opposite Tamaki College and across from the Glen Innes Pool and Leisure Centre.
It is a short, flat walk to the Glen Innes Train Station, which provides regular services to the CBD as well as the major retail hub of Sylvia Park.
Also within walking distance are three quality supermarkets, more than 20 eateries, and a range of shops, parks, nature reserves and schools.
A number of prestigious schools are in the area, including St Kentigern College and Sacred Heart College, along with over 13 preschools and primary schools.
Culturally, the site benefits from its proximity to a local library, Ruapotaka Marae, Glen Innes Community Hall, and the St Mary’s Anglican and Taka He Monu churches, with many more in the wider area.
Substantial recreational amenities are located nearby, including the 32ha Point England Nature Reserve, the Wai-O-Taiki Nature Reserve, and the popular Colin Maiden Park sports complex.”
Coburn says Glen Innes has highly desirable demographics supporting residential development at scale.
“The suburb’s population has undergone annual growth of 2.18 per cent in recent years, outstripping that of the wider Auckland region.
“This growth is supported by a median household income broadly in line with New Zealand as a whole, with strong signs of potential for future income growth.
“The overall positive outlook for Glen Innes suggests there will be continuing demand for housing options on a scale and density rarely supported.
“Bolstered by its Auckland location and the wider macro trends at play in Auckland and New Zealand, development of the right product for the location is likely to see significant interest.”
