Will this home be bulldozed for an apartment block?
It’s been happening in priciest parts of Auckland – Ponsonby, Remuera, Parnell – but now properties in more affordable suburbs are hitting the development jackpot.
The run down villa sits on 782sqm of flat freehold land on Manukau Road between Royal Oak and Onehunga. The property as a whole has a council valuation of $1,325,000 - but only $75,000 of that is for the house. The land, and its favourable zoning - Terrace Housing and Apartment Building - is the reason property will appeal to buyers.
Over the last few years large sections in and around Onehunga and Royal Oak have sold for high sums and been turned into apartment blocks or terrace housing.
Start your property search
The Bayleys agent marketing the property, Millie Liang, says it is a fantastic opportunity.
“All the new high-rise buildings along the road show the potential and demand. This location majestically fulfils your plans and dreams,” she says.
The property's location is also a major selling point. It on a main bus route and close to a shopping mall, restaurants and cafes and a big box retail park. It is also close to on ramps for motorway connections to the Waterview tunnel and Auckland Airport.
It is unlikely that buyers would invest in renovating the 117sq m home, when under the THAB zoning the property can be intensively developed to five storeys or 16 metres, a typology that is growing in popularity according to Auckland Council’s chief economist David Norman.
The villa, built over 100 years ago, has three-double bedrooms, one single bedroom, a lounge, with a separate kitchen and an office, with a single carport, storage room, front deck and one big fully fenced private garden.
Check out the listing below:
