The last freehold development site in one of Auckland’s liveliest locations is on the market for sale.
Spanning an entire city block in Wynyard Quarter, the property offers 9,793sqm across five freehold titles and comes with resource consent for an apartment block with 434 units.
The property at 121-135 Beaumont Street and 184-200 Pakenham Street West is for sale by way of expressions of interest, closing February 25.
Peter Herdson, national director of Capital Markets at Colliers International, which is spearheading the marketing campaign, said it was difficult to overstate the site’s potential.
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Wynyard Quarter is home to some of Auckland’s best apartment developments, hotels and bars and restaurants, and sits next to the America’s Cup village.
“This is the largest freehold development site available anywhere in the Auckland CBD, and the very last freehold development site in Wynyard Quarter.
“Opportunities to acquire freehold development land of this scale, and in such a sought-after location, are rare.
“Wynyard Quarter provides some of the best mixed-use waterfront land in New Zealand.
“While much of the CBD’s waterfront land is on leasehold tenure, this site offers the significant advantage of five freehold titles with generous zoning, providing for a range of intensive mixed-use development options.
“The site’s appeal is further consolidated by its existing resource consent, providing options for a new owner to either develop now or land-bank with holding income.”
Jason Seymour, capital markets director at Colliers, said that Wynyard Quarter was currently in a period of intense development.
“The 37ha precinct has undergone a significant transformation over the last ten years, from a closed industrial hub to a high-quality mixed-use precinct with significant amenity. Upon completion, Wynyard Quarter will be home to around 25,000 workers and 3,000 residents.”
Seymour said numerous high-profile developments had been completed in recent years, with Wynyard Quarter now home to the national headquarters of ASB, Air New Zealand, Kiwibank, Genesis, Microsoft, Fonterra, IBM and Datacom.
“The precinct also provides significant amenity for residents, visitors and workers including more than 30 bars and restaurants, the 600-person ASB Waterfront Theatre, ANZ Events Centre and a curated public space in Silo Park. It is also home to New Zealand’s newest luxury 6-star hotel, the Park Hyatt Auckland alongside 5-star offerings including The Sofitel and The Sebel.
“The area will also be the focal point of the 2021 America’s Cup, hosting the team bases and attracting between 20,000 and 50,000 spectators per day throughout the event.”
Richard Kirke, international director with Colliers’ Capital Markets team, said he expected the property to attract significant interest.
“Demand for property has been resilient throughout the global Covid-19 pandemic, with investors particularly keen on residential development land. Colliers International has transacted more than $500 million in development land sales in Auckland since the first Covid-19 lockdown in March.”
He added: “The Wynyard Quarter site for sale has immense appeal, given its sought-after location, freehold titles, resource consent, holding income and Auckland’s solid demand for new housing.
“With so much potential, we are expecting strong levels of enquiry from investors, developers, joint ventures and other entities.”
