As migration numbers surge, likely leading to increased demand for housing in the coming months, a multi-building development in the West Auckland suburb of Te Atatū South is being offered to the market for sale.
170-174 Te Atatū Road has been fully consented for 82 residential units across 11 stand-alone walk-up structures with 86 car parks and common bike storage and rubbish areas.
The units are a mixture of one, two, and three-bedroom dwellings, ranging in size from 40sq m of gross floor area through to 109sq m.
The total landholding spans approximately 7,059sq m.
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The property, which sits adjacent to Te Atatū South Park and is only 2.5km from State Highway 1, is zoned Residential – Mixed Housing Suburban Zone under the Auckland Unitary Plan.
Construction on the site is continuing under the instruction of the receivers and all interested parties will need to take their own advice in determining the viability and feasibility of the structures on the site.
The development is well advanced, and the possibility exists that it could be completed in Q2 of 2024, providing further housing in an area that continues to experience ongoing growth.
Colliers Directors Josh Coburn and Blair Peterken have been exclusively appointed by the receivers of Treasure Plus Limited to market the development for sale and are taking expressions of interest with the deadline for offers closing at 4pm on Thursday 7 December, unless sold prior.
Based on the current consent and existing development, the breakdown of the units includes eight 40sq m one-bedroom offerings, 68 two-bedroom units that range in size from 61sq m to 81sq m, and six three-bedroom units that measure 81sq m to 109sq m.
Coburn, Director of Site Sales and Capital Markets at Colliers, says the receivers have provided clear instructions that they wish to see rapid action on this development.
“This development represents a significant opportunity for someone to acquire this project and bring it through to completion, all while delivering more than 80 dwellings to the West Auckland community,” Coburn says.
“Construction is predominantly fire-rated timber construction with a combination of James Hardie Linea Weatherboard, EasyLap Panel and brick veneer, and Nuraply roofing.”
Te Atatū South is situated on the western side of the Auckland isthmus, approximately 10km from the city centre. The suburb is a popular choice for families and individuals seeking a peaceful suburban lifestyle, while remaining close to Auckland’s urban amenities.
It boasts easy access to the Northwestern Motorway for convenient commuting and is home to several schools, such as Rutherford College and Matipo Primary School, ensuring education options for residents.
The suburb is well connected via public transport, including local bus routes and the nearby Henderson train station. Te Atatū South also offers community services, healthcare facilities, and numerous parks and greenspaces.
Peterken, Director of Capital Markets at Colliers, says data from Stats NZ shows the country is experiencing a migration boom following the easing of border restrictions last year as people move on from the Covid-19 pandemic.
“Net migration in the September 2023 year was 118,800, the highest figure for an annual period, which will put further pressure on the housing market that continues to experience constraints,” Peterken says.
“With an ongoing need for further supply, coupled with rising migration numbers, there will be considerable demand for units such as the ones at this property meaning there is a significant opportunity for buyers who will have the chance to complete this project.”
Article supplied by Colliers
