A substantial 4,175sqm freehold site with 26 existing townhouses located on it is for sale in Auckland.
Located at 1A Harrison Rd, Mt Wellington with frontage also onto Ellerslie Panmure Highway, the townhouse complex has a total floor area of 3,176 square m and was originally constructed around 1997. It comprises a mix of two-to-three bedroom dwellings all on individual unit titles with internal garages with roller door access plus one double carport.
Bayleys’ International Division sales director James Chan says the site has a favourable Terrace Housing and Apartment Building (THAB) zoning should someone wish to redevelop the property. This enables the greatest density, height and scale of development of all the residential zones under the Auckland Unitary Plan. This zoning would suit a range of developments up to a height level of 16 metres (generally five storeys), says Chan.
“An option may be to demolish the existing buildings and start from scratch, applying for a resource consent for a different development. The site is relatively underutilised at the moment in terms of what the THAB zoning allows and it could be possible to develop the land more intensively up to a greater height level.
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“However, there is an advantage in terms of cost and time in being able to utilise the existing use rights to reclad and/or rebuild the existing dwellings to make them watertight rather than launching into a completely new development. It would be over to interested parties to undertake their own due diligence and work out which option might be best for them.”
The offering is for sale by tender, closing 4pm, Thursday, April 16, unless sold prior.
The townhouses are of similar design with the living areas at ground level and the bedrooms above. Their basic construction comprises concrete foundations, roughcast exterior cladding, aluminium joinery, timber framing, tile roofing, metal guttering, PVC downpipes, concrete and timber flooring and plaster board internal lining.
Oscar Kuang, senior broker with Bayleys’ Auckland-based International Division, says there is an immediate opportunity to add value to the property through either a reclad or rebuild of the existing townhouses which require remedial work, including recladding the dwellings’ exteriors.
If a reclad was pursued, the existing framing will need to be checked and replaced where needed, he says.
Where the rebuild option is chosen the whole unit will need to be replaced with the same size, as-like townhouse although there could be flexibility to alter the floor plan to improve the interior layout of some units.
Kuang says some of the units are occupied on periodic tenancies which could provide short-term holding income while the new owner decided on a course of action or undertook work on unoccupied dwellings first.
He says a range of terraced dwellings, apartments and townhouses have been developed in the immediate locality. An adjoining site on the corner of Ellerslie Panmure Highway and Harrison Rd also contains a townhouse development and situated directly behind the property is the 77-apartment Ellerslie Court complex, complete with a swimming pool and tennis court. The Summerset at Heritage Park retirement village is located further along Harrison Rd.
“Multi-unit living has become increasingly popular in this rapidly growing area, supported by its good transport links, and a renovation and modernisation of the Ellerslie Garden townhouses is likely to meet with a good response from the market,” Kuang says.
The property is situated on the north-western periphery of Mt Wellington, with Ellerslie township approximately two kilometres away. The Ellerslie Panmure Highway connects to the motorway system including the Southern Motorway situated close by to the west.
“The highway system provides excellent connections to the Auckland CBD which is 12 kilometres away, Sylvia Park which is four kilometres away, as well as other parts of Auckland,” Chan says.
“The property enjoys convenient access to a wide range of public amenities and facilities including local shopping, schools, local parks and excellent public transport. The Panmure train station is approximately 10 minutes bus ride away and there is also a bus link to and from the Britomart Transport Centre.”
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