A strategically located property with favourable zoning in Takapuna on Auckland’s North Shore will pique the interest of developers looking for a site for their next project.
4 Tennyson Avenue, Takapuna is a rectangular, flat site that spans 1,258sq m and is only minutes from Takapuna Beach and the town centre.
The significant appeal of the property is tied to the zoning, which is Residential – Terrace Housing and Apartment Buildings Zone and includes a 22.5m height overlay.
This designation is a high intensity zone enabling a greater intensity of development than previously provided for.
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This zone provides for urban residential living in the form of terrace housing and apartments.
The zone is predominantly located around metropolitan, town, and local centres and the public transport network to support the highest levels of intensification.
The north-facing property receives all day sun and will offer exceptional sea views from the second storey and up of any future development.
Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 19 March, unless sold prior.
Chand, Director of Investment Sales at Colliers, says the site’s strong profile to the street and significant development potential make this a desirable purchasing opportunity.
“The Auckland Unitary Plan notes this zoning is to make efficient use of land and infrastructure, increase the capacity of housing, and ensure that residents have convenient access to services, employment, education facilities, retail, and entertainment opportunities, public open spaces, and public transport.
"This will promote walkable neighbourhoods and increase the vitality of centres,” Chand says.
“There are a range of ways this site could be developed, and any future project will add to the continued revitalisation of Takapuna.
“Alternatively, land bankers may also look to capitalise on this opportunity by acquiring the property for their portfolio and revisit their plans in the future.”
Significant population growth in New Zealand following the worst of the Covid-19 pandemic means there will be continued need for housing.
Data from Stats NZ notes a net migration gain of 126,000 people in the year to December 2023. This will underpin continued demand for new homes.
Prentice, Director of Sales and Leasing at Colliers, says Takapuna has benefited from significant council investment in recent years and the completion of the Hurstmere Road enhancements have provided a boost for the area.
“The regeneration of Takapuna has been guided by the Takapuna Framework Plan that is leading the strategic vision for how Takapuna will look so it can make the most of its picturesque location by the sea,” Prentice says.
“The goals laid out by Auckland Council to be implemented by Eke Panuku for the development of Takapuna include revitalising the town centre, improving public spaces, building better connections with the beach, and offering more options for urban living and public transport.
“Major apartment developments have popped up in Takapuna during the past few years and there is further construction planned, adding much-needed housing stock to a popular North Shore location.”
- Supplied by Colliers
