A highly visible corner property in the tightly held North Shore suburb of Milford offers buyers the opportunity to purchase a prime site with holding income and extensive future development potential.
1 Forrest Hill Road and 4 Nile Road is a 5,344sq m site that includes two titles but is being presented to the market as a single offering.
The majority of the site is zoned Business – Mixed Use Zone under the Auckland Unitary Plan, while the balance of the property is zoned Residential – Mixed Housing Urban Zone.
The property is home to Kings Plant Barn who have a lease that runs until April 2025, providing $159,996 plus GST in annual rental income.
Start your property search
A 12-month demolition clause is available to the successful purchaser making vacant possession possible from April 2024.
The site is located across from Westlake Girls’ High School and Smales Farm with favourable proximity to other key amenities such as North Shore Hospital, Takapuna and Milford beaches, Wairau Valley, and the Takapuna CBD.
The Auckland CBD lies approximately 9km to the south-east and can be reached in 15 minutes outside of peak commuting hours.
Motorway access is only 600m away from the subject site, while regular public transport options are available on Forrest Hill Road.
Colliers directors Janet Marshall, Shoneet Chand, and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 12 October, unless sold prior.
Marshall, Director of Sales and Leasing at Colliers, says the Mixed Use zoning of the property will hold significant appeal for buyers given the options that will be available to them for the future use of the site.
“The Business – Mixed Use Zone is typically located around centres and along corridors served by public transport,” Marshall says.
“The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres. The zone does not specifically require a mix of uses on individual sites or within areas.
“There is a range of possible building heights depending on the context. Provisions typically enable heights up to four storeys. Greater height may be enabled in areas close to the city centre, metropolitan centres, and larger town centres.”
Marshall says the residential zoning provides the potential for further intensification of the site.
“The Residential – Mixed Housing Urban Zone is a reasonably high-intensity zone enabling a greater intensity of development than previously provided for.
“Over time, the appearance of neighbourhoods within this zone will change, with development typically up to three storeys in a variety of sizes and forms, including detached dwellings, terrace housing and low-rise apartments.
“This supports increasing the capacity and choice of housing within neighbourhoods as well as promoting walkable neighbourhoods, fostering a sense of community and increasing the vitality of centres.”
Chand, Director of Investment Sales at Colliers, says the holding income offers the new owner a steady rental stream.
“Having holding income in place will allow the buyer to strategically plan for the future as they take the opportunity to help reshape the area with a new development on this high-profile site that enjoys significant visibility and street exposure,” Chand says.
“The property is strategically located with recreational options such as the Pupuke Golf Club, Becroft Park, and Knightsbridge Reserve nearby.”
Prentice, Director of Sales and Leasing at Colliers, says the subject site offers access to a range of amenities.
“There are local neighbourhood convenience stores across the road on Raines Avenue, with a more comprehensive offering available at Wairau Park across the other side of the motorway providing a wide range of commercial, retail, and industrial options,” Prentice says.
“The surrounding locality is inherently residential with predominantly single site dwellings ranging from circa 1950s through to the 1980s, with infill housing developments from the 1990s until present day also prevalent.
“When examining all of the pertinent factors, this property shapes as an A-grade purchasing opportunity given the prime location of the site in a sought-after area that offers vast development potential, and we encourage all interested parties to contact us immediately.”
- Article supplied by Colliers
