An immaculately presented brand new apartment block located on the fringe of an Auckland suburban town centre undergoing a degree of social gentrification through improvements to its housing stock has been placed on the market for sale.
The four-storey property in the Auckland suburb of Avondale contains 25 new apartments on individual titles in a configuration of generously sized studio, one-bedroom, and two-bedroom residences ranging in size from 53-68-square metres. The site also contains a 125-square metre ground-floor commercial unit.
Sitting on some 799-square metres of freehold land on the corner of Rosebank Road and Layard Street, the apartments are located just a short walk from the retail hub of Avondale and the train station linking to downtown Auckland.
Central Avondale is undergoing a degree of gentrification – as evidenced by the new apartments on Layard Street, including the new neighbouring apartment complex, and several other multi-storey apartment developments being undertaken around the suburb’s central business district and towards the Avondale Racecourse.
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The apartment complex on an elevated corner site location at 1 Layard Street was completed in May, and is now being marketed for sale by tender through Bayleys Auckland, with the tender closing on August 23.
Salespeople Damien Bullick and Alan Haydock said the ‘turn-key’ apartment block would appeal to a wide range of buyers.
“This is a ‘must view’ property for residential investors at scale, occupiers, and accommodation operators. It is a unique and rare opportunity to purchase a brand-new block of freehold apartments on individual titles,” said Bullick.
“Individual titles provide future flexibility in a sought-after and low-risk asset class.”
“Alternatively, the property would also appeal to accommodation providers looking for a location that delivers easy access to the neighbourhood retail amenities within Avondale Village just a few hundred metres away – including the availability of public transport. The bigger mall-style retailing options at New Lynn are a short distance away.
“There is also the option for a new owner to retain some or all of the Layard Street units as short-term accommodation as has been seen in the likes of other Auckland suburban locations such as Birkenhead, New Lynn, Onehunga, and Panmure.”
Attractively designed and finished to a high standard throughout, the apartments can also be sold fully furnished, providing a full turn-key opportunity.
Haydock said the immediate area around the Layard Street apartment block was made up largely of traditional residential properties, along will increasingly gentrifying retail and commercial activity.
“However, the intensification of zonings in the greater area has seen Avondale become an extremely popular location for medium and high-density residential developments,” he said.
Auckland Council’s urban regeneration agency, Eke Panuku Development Auckland is leading the regeneration of Avondale’s town centre over the next 14 years -including a new integrated library and community hub offering two multi-purpose community spaces.
Elsewhere in the town centre, Panuku acquired the Avondale Central site - also historically known as the former Three Guys supermarket - at 1919-1949 Great North Road with a long-term vision to develop quality shops, and businesses.
Haydock said the new Layard Street residential complex would integrate perfectly with the raft of social infrastructure projects the council had already undertaken and was committed to completing around Avondale in the near future.
This council investment, along with significant public investment in housing development and upgrades would ensure this already popular location will continue to flourish.
- Article supplied by Bayleys
