A large corner site located in the central Auckland suburb of Royal Oak is up for sale offering a range of potential future development options.
Located at 880-882 Manukau Rd and 108-110 Trafalgar St, the offering encompasses 3,131sq m of land with 10 tenancies spread over eight residential units providing considerable holding income.
The site is zoned Terrace Housing and Apartment Buildings (THAB) which permits the greatest density, height and scale of development of all the Auckland residential zones. Buildings of to 16 metres could be possible on the property, says Bayleys’ Auckland city and fringe division director Alan Haydock who is marketing the property with senior commercial broker Damien Bullick.
“The key value proposition of these properties is the substantial underlying fee simple land holding on a high profile, favourably zoned corner site in a popular central Auckland fringe suburb,” says Haydock.
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He says a site overview undertaken by planning and resource consent consultancy Mount Hobson Group indicates a variety of potential developments could be possible. These include a four to six-level apartment development with a 1,560sq m footprint with potential for 70 to 90 units or alternatively a three to four level terraced housing development of between 18 to 24 units (depending on size and layout) which would be split over two blocks”
Allowable uses as of right under the THAB zoning include residential, visitor accommodation, boarding houses, childcare and small scale healthcare facilities.
The two properties are for sale by tender together or individually closing at 4:00pm, Tuesday March 10, unless sold prior. They comprise:
• 880-882 Manukau Rd: A 1,545sqm site which has four standalone buildings spread over two fee simple titles with five tenancies. 880 Manukau Rd has a two-level building at the front split into two units, of five and three bedrooms. Located at the rear is a three-bedroom standalone dwelling. 882 Manukau Rd is located right on the corner and has a three to four bedroom dwelling plus another three-bedroom house.
• 108-110 Trafalgar St: this comprises a block of three adjoining brick units plus a five-bedroom standalone brick house on one fee simple title of 1,586sq m. The block of units at 108 Trafalgar St has two two-bedroom units plus a three-bedroom unit. “These units have been refurbished to a tidy standard and benefit from dedicated car parking and additional storage at the rear of the block,” says Bullick. “The neighbouring property at 110 has also been well maintained and has off street parking at the front and a large, flat back yard which could lend itself to more intensive development at some stage.”
Bullick says a selection of units are currently being kept vacant, to provide greater flexibility for the next owner. However, fully leased the properties have been generating annual income of approximately $265,200 gross, with an OPEX schedule available on request.
“Purchasers are being offered an attractive residential income stream spread across a variety of tenancies, or alternatively a considerable holding income while a full or partial development plan is enacted.”
He says the property is well located for public transport links and offers easy access south to Auckland Airport and north to Auckland’s Central Business District. Manukau Rd is a major arterial providing quick access to Newmarket and the southern motorway.
The properties are located a short distance from Onehunga township, including the Onehunga Mall retail and dining precinct. The surrounding area comprises predominantly established residential accommodation along with a small collection of commercial premises located directly opposite the Trafalgar St properties.
“Both Royal Oak and Onehunga are established and desirable residential suburbs, popular for their convenient access to amenities and other parts of Auckland as well as their character dwellings,” Bullick says.
Find out more about the listing here:
