A substantial landholding on Auckland’s northwest fringe has been placed on the market for sale as its long-term owner exits the market, leaving an opportunity for a forward-thinking development entity to optimise a planned zoning change.
The freehold, flat 6.28ha property at 22 Duke Street, Riverhead is on the northern end of the Future Urban-zoned precinct and is one of the last remaining blocks available for acquisition in this immediate area.
It adjoins other landholdings incrementally acquired by leading developers Fletcher's Living, The Neil Group and Matvin Group who, as a result, control the majority of the Future Urban designated land in Riverhead.
These groups, together with the vendor of the subject property for sale, are working together to apply for a land use change to a mixture of residential and town centre zonings, under the indicative Riverhead Precinct zoning plan.
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This would fast-track residential and commercial development in the area and would advance the council’s goal of delivering more housing to areas earmarked for future development around Auckland.
Bayleys Northwest commercial and industrial salesperson Wesley Gerber said the land will be sold with vacant possession, and is genuinely and seriously for sale, with all offers to be considered via a tender campaign closing 4pm, Wednesday 12th April.
The land will not be sold prior to the tender close.
Gerber said work is advanced on a proposed plan change, with lodgement to council expected in the coming month.
“The major developers involved are well-versed in such matters, and the vendor of the property being sold successfully lobbied council to rezone the land from rural to Future Urban back in 2015.
“They have evidence to support residential development, with preliminary geotechnical and engineering reports available on request.
“This land is now surplus to my client’s requirements and instructions are to sell, so all offers are welcomed for consideration.”
The fast-growing Auckland population, Riverhead’s locational advantages and the precedent set in the area for quality residential development supports the credentials of the subject property, said Gerber.
“This landholding borders a significant residential catchment, with further investment and infrastructural upgrades planned in coming years.
“Riverhead has undergone significant growth in the past decade and is seen to be a desirable area to live, with values performing well in both an Auckland and national context.”
Gerber said a buyer could leverage off the due diligence and structure plan work already completed by the other developers in the immediate area, and there are benefits to being aligned with proven, respected forerunners in the residential development arena.
The property is close to State Highway 16 – which is scheduled for an upgrade – near to Riverhead shops and primary school, sports fields, and recreational parks.
- Article supplied by Bayleys
