Perfectly positioned on a corner site, a sizeable landholding on the North Shore that is already consented for a major residential and commercial project presents buyers with an opportunity to acquire a property with extraordinary development potential.
54 Parkway Drive, Albany, is a 7291sq m freehold site that sits next to the Constellation bus station, which features park and ride facilities, while offering dual access from Parkway Drive and Sunset Road.
Consents are in place for an 85-apartment complex, plus 2169sq m of commercial space, and 141 car parks, meaning a considerable development can be undertaken given the scale of the site.
The highly visible property is strategically located only metres from the Northern Motorway as well as State Highway 18, which leads to high-growth areas such as Hobsonville and Westgate. Albany’s major retail precinct is also nearby, as well as many of East Coast Bays’ desirable beaches.
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Colliers Directors Shoneet Chand, Matt Prentice, and Josh Coburn have been exclusively appointed to market the site for sale by deadline private treaty closing at 4pm on Wednesday 9 March, unless sold prior.
Chand, Director of Investment Sales at Colliers, says the existing consents will allow a developer or occupier to purchase this site and move ahead quickly with their development plans.
“There is a notable shortage of affordable housing throughout Auckland and a major residential development in a location such as this one will prove extremely popular,” Chand says.
“Government spending on infrastructure on the North Shore is unlocking opportunities and transforming the area for more growth. Major projects include the completion of the Western Ring Route, upgrades and expansion to the Upper Harbour Highway, Albany Expressway, and the Northern Motorway along with a wide range of new connecting walkways and cycleways.
“Alternatively, the buyer may wish to landbank the property, which is well-placed to enjoy capital growth in the coming years.”
Prentice, Director of Industrial Sales and Leasing at Colliers, says the North Shore continues to experience notable commercial and residential growth.
“North Shore’s population growth is expected to continue strongly across the next 30 years, with one in every five Aucklanders expected to reside in the North Shore in the near future,” Prentice says.
“Albany will play a pivotal role in the North Shore’s ongoing expansion. Currently 8 per cent of North Shore residents live in Albany, but this is expected to grow to 12 per cent by 2043.
“Economic conditions in Albany continue to prosper with the number of businesses and employees in Albany central growing steadily during the past two decades.
“Since 2000, the number of businesses in Albany central has more than tripled and the number of employees has more than doubled.”
Coburn, Director of Site Sales at Colliers, says there’s a number of impressive factors on display that make this site one of the most desirable offerings that will be presented to the market on the North Shore this year.
“When you consider the scale and development potential, this property shapes as an incredibly impressive purchasing opportunity,” Coburn says.
“It is rare to see sites of this scale available on the open market and this landholding will draw significant interest among developers and occupiers who will recognise the long-term upside associated with this property.”
- Article supplied by Bayleys
