An “exceptional” mixed use zoned development site adjoining Ellerslie Racecourse is being marketed for sale by CBRE, offering prime land with excellent views in an affluent suburb.
The 3,415sq m site, at 80 Ascot Avenue, is separately titled from the surrounding racecourse land and is located directly opposite Ascot Hospital.
It is for sale through John Holmes and Brent McGregor of CBRE’s Auckland Capital Markets team, via deadline private treaty closing on April 13 at 4pm.
Bordered on three sides by the expansive green space of Ellerslie Racecourse, the site is expected to be highly attractive to residential developers, says Holmes.
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“Large, undeveloped sites in Auckland’s central suburbs are rare and highly sought-after – and we’re expecting this to be of particular interest due to its location on the racecourse, offering an uninterrupted outlook, fantastic all-day sun and a sense of space on a grand scale.”
80 Ascot Avenue’s Business – Mixed Use zoning under the Auckland Unitary Plan provides for higher-intensity residential development, along with smaller scale commercial uses such as healthcare, office, food and beverage, and retail.
Benefitting from this zoning, the site’s location in a high-amenity area, along with its 360-degree views, excellent sun and adjoining green space, make it ideally suited to several uses including a residential development or boutique retirement village, McGregor says.
“80 Ascot Ave is located in a park-like setting, close to numerous amenities including Ascot Hospital, high quality schools, retail and Greenlane Station. This location, together with the accommodative mixed use zoning, means it is likely to be attractive to developers considering a residential development, along with other potential uses such as aged care or a medical facility.”
A further plus for buyers will be the separate title, meaning that although the site is effectively on the edge of the racecourse land, it is separately titled and ready for development, says Holmes.
“Auckland Thoroughbred Racing (ATR) would like to see a quality, master-planned development on this site and we look forward to supporting the chosen developer to that end.” says Don Greenaway, development manager for ATR.
While the site’s zoning permits development heights of up to 18 metres, the government’s National Policy Statement on Urban Development (NPS-UD) could also provide a strong value-add proposition for buyers looking at higher-intensity residential development, McGregor says.
“The NPS-UD requires councils in tier one cities, which includes Auckland, to allow development of at least six levels in height, within walking distance of rapid transit stops. This may provide further opportunities for 80 Ascot Avenue, which is just 500 metres from Greenlane Station.”
The site is located at the intersection of Ascot Avenue and Green Lane East, a short distance from Remuera Village, and 10 minutes’ drive to Auckland CBD.
Nearby schools include Remuera Primary, Remuera Intermediate and ACG Remuera, with an excellent local retail offering just minutes away in Remuera Village.
The site is also located close to the Greenlane office corridor, Remuera Golf Club and within easy reach of Newmarket. The large recreational expanse of Cornwall Park is also just 1.5 kilometres away.
These sought-after amenities, along with Remuera’s central Auckland location adjacent to the Southern Motorway, have contributed to the suburb recording exceptional house price growth. Over the year to January 2022, the average house price grew by 31 per cent to $2,620,000, according to REINZ data.
- Article supplied by CBRE
