A large Parnell property with a zoning that allows intensive residential development up to 16m high offers multiple potential development, occupation or investment options.
The 1400sq m freehold landholding at 25 Balfour Rd currently has a large dwelling on it but its Residential – Terrace Housing and Apartment Building (THAB) zoning allows for much more intensive development.
“It’s a prime site in a premium Parnell position that provides an opportunity for development or occupation or alternatively it could be bought as a long-term investment hold given the strength of the location,” says Bayleys’ senior commercial broker Damien Bullick.
He is marketing the property with Bayleys City & Fringe division colleague Alan Haydock.
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The offering is for sale by tender closing 4pm, Tuesday, December 7, unless sold prior.
Bullick says the rectangular shaped site sits above Gladstone Park, which it is located next to.
“Once developed, this elevated site, with an unobstructed northerly aspect would offer panoramic vistas from all levels over the park and the Gladstone tennis club out to the port, harbour and Auckland CBD, as demonstrated by the views from the existing single-level dwelling,” Bullick says.
“Adding to it its attractiveness for residential development is the area’s Double Grammar school zoning for both Auckland Grammar and Epsom Girls.”
The THAB zoning allows the highest density development of all the residential zones under the Auckland Unitary Plan permitting dwellings up to five to six storeys, providing they comply with other development controls.
This zoning allows for 50 per cent site coverage as of right and would enable adjoining town houses or apartments to be built on the site subject to obtaining the necessary consents, says Haydock.
He says the property currently houses a tastefully refurbished and modernised character villa plus a more modern self-contained addition at the rear, providing five bedrooms in total.
“This could generate a holding income while a development is planned or alternatively provide a Parnell home for a family or a residence or investment property for an astute land banker.”
Bullick says one of the property’s key attributes, which also enhances its appeal for future development, is its superb location in a green oasis at the north-eastern end of Parnell.
“It’s a short stroll through Gladstone Park into the larger Dove Myer Robinson Park and the Parnell rose gardens and then down to the Judges Bay waterfront and Parnell Baths.
"And if you’re looking to lift the tempo a bit, it’s also a comfortable walk to the eateries, bars and shops of Parnell Rise, the recently transformed St Georges Bay Road retail and dining precinct and Spark Arena.”
Neighbouring properties comprise a mixture of character homes, modern town houses and apartment and terrace housing developments. The location is also a short drive away from Tamaki Drive and the CBD via Quay St and also offers easy access to motorway onramps via Grafton Gully.
- Article supplied by Bayleys
