A 3.3306ha Mixed-Use zoned site in Mt Wellington set to be repurposed into several super-lots offers a variety of future development options.
Located at 7 Fraser Road, the property currently accommodates a mix of industrial buildings but is being offered for sale with a proposed scheme for the large site to be subdivided into 11 lots ranging from 1,858sqm to 3,581sqm.
The subdivision scheme has been lodged with Auckland Council for resource consent approval and an opportunity exists for purchasers to get in early and secure a preferred lot or combination of lots in what is expected to be a sought-after offering, says Bayleys senior broker Ben Bayley.
“The offering has been structured to appeal to a wide range of developers from those who may be interested in smaller scale redevelopment on a portion of the site through to a large-scale developer who could potentially purchase the whole property for a master planned project,” says Bayley.
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He is marketing the property in conjunction with Bayleys Real Estate colleagues Damian Stephen, Michael Nees and Gerald Rundle.
It is being offered for sale by deadline private treaty closing on April 20, unless sold prior.
Offers will be considered for individual lots, any combination of lots or for the property as one consolidated holding.
“Sites of this size and offering this sort of development flexibility are extremely rare in land starved central Auckland, particularly sites like this which provide options for both residential and/or commercial development,” says Ben Bayley.
Stephen says the proposed site subdivision plan is in accordance with the location’s existing Auckland Unitary Plan’s Mixed Use zoning which allows buildings up to 18 metres in height. The zoning permits a wide range of residential and/or commercial and retail uses.
“To maximise the value of the site, the most likely development would encompass medium density housing, which could be a combination of apartment buildings, terraced or town houses, perhaps with some retail or commercial activities at street level along the property’s extensive exposure to Te Horeta Road.”
Six of the proposed lots have frontage to Te Horeta Road, a busy arterial road linking Morrin Road to Mt Wellington Highway, and there is good access to the property from both this road and Fraser Road which runs along the northern boundary of the property.
Stephen says the property’s flat contour means minimal enabling works would be required for subdivision.
Ben Bayley says a number of locational factors enhance the property’s appeal for residential redevelopment.
“Its central location on the border of Mt Wellington and Panmure is a big drawcard, with easy access to motorway and public transport networks. In particular, it is approximately 350m from the Panmure train station and bus interchange. From there, it’s a 17-minute, four-stop train trip to Britomart Station in Auckland’s CBD.
“Part of the property also backs onto the greenery of Mt Wellington’s mountain reserve area with pedestrian access to this off Fraser Road. It’s also a short stroll away from picturesque Panmure Basin, and its 3.2km walkway, with good views of the basin and Tamaki River possible from the upper levels of any future apartment complexes.”
Bayley says several apartment complexes have already been developed close to the property as the area gradually transforms from an industrial precinct into a mixture of uses, including a wider range of retail and food and beverage premises and community amenities.
It is also within easy access to the eastern beaches and many of Auckland’s high-quality attractions.
“As part of the Tamaki regeneration project, Auckland Council is keen to see more housing intensification close to public transport hubs at Panmure and Glen Innes and is likely to be supportive of higher density housing development in these locations,” Bayley says.
.- Article supplied by Bayleys
