A prime development landholding on Auckland’s city fringe, adjoining land proposed for the region’s newest suburb, offers a unique opportunity for developers and investors to capitalise on the area's expansion, say Bayleys salespeople.
The 2.315ha (more or less) freehold property at 259 Morrin Road comprises two lots and improvements developed by the University of Auckland. Originally designed as research facilities, these include high-stud warehousing, adjoining research hubs, a showroom, and large format offices.
Bayleys Auckland Metro Markets director Tommy Zhang says the subject property is sited directly opposite the proposed ParkCity development, Te Tauoma – a masterplanned suburb in partnership with local iwi – and is strategically positioned to benefit from the eastern corridor's rapid growth.
“Proximity to new development is a significant advantage for prospective buyers. As the area transforms into a vibrant residential community, it will naturally drive demand for surrounding commercial opportunities, allowing a new owner to explore a variety of development or add-value works to yield potential capital appreciation and solid rental returns.
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“This growth in the local population is likely to attract high-value tenants, enhancing the subject property’s ability to command premium rental rates and long-term income stability.”
Zhang says 259 Morrin Road consists of two freehold lots, with Lot 1 sustaining a sizeable industrial-style building of nearly 4,800sqm (more or less).
“The University commissioned research facility is now occupied by several tenants on short-term leases, with redevelopment clauses allowing access by 2026.”
Zhang says Lot 2 is a vacant 1.735ha (more or less) site. The land is serviced to the boundary and zoned for high-density residential or light industrial use.
“The Business – Mixed Use zoning provides flexibility, making the site suitable for various purposes, including multi-unit housing, integrated commercial and light industrial development.
“Undulating terrain provides an elevated aspect, which could be leveraged to achieve views to the east, enhancing the appeal of any future residential development.”
Zhang is marketing the lots for sale individually or together by tender closing at 4:00 pm on Wednesday, 30th October 2024 (unless sold prior) with Bayleys colleagues Layne Harwood and Ian Hall.
The property’s strategic location, 15km from Auckland’s CBD and close to another integrated master-planned precinct, Stonefields, and well-established neighbouring suburbs, further underpins its appeal.
Bayleys brokers Harwood and Hall say that St Johns and its surrounding areas have experienced a significant transformation in recent years, with major infrastructure upgrades supporting future growth.
“The nearby Stonefields community is a prime example, having been developed into a highly sought-after residential area with quality homes, schools, and recreational amenities.
“Strong transport links, including the Panmure bus and train hub, and proximity to a range of retail and commercial services along Lunn Avenue further bolster this location.
“In addition to the halo effect from a major project proposal such as Te Tauoma, the property presents an attractive long-term investment suited to those looking to develop or hold in a rapidly evolving area and key growth node for New Zealand’s largest city.
“With a flexible zoning profile and proximity to both established and emerging communities, the properties at Morrin Road offer an exceptional opportunity for a new steward to explore add-value development plans while generating income during the planning phase.”
- Supplied by Bayleys
