A versatile mixed-use site along a key transport corridor in Auckland is generating attention amongst investors, developers, and owner-occupiers.
The 372sq m underdeveloped freehold site at 341 New North Road is strategically located on the key arterial linking Auckland’s city fringe suburbs of Kingsland and Mount Eden with the Upper CBD and motorway interchanges.
Bayleys Auckland Metropolitan Markets salesperson James Were says the property is roughly halfway between the forthcoming City Rail Link station at Maungawhau and an established transport hub at the Kingsland Village.
Were says transport infrastructure was a key voter issue at the last general election, and the Government has reaffirmed its promise to deliver rapid transit networks across the city. This has shifted the focus back to the best land use in the most connected areas.
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“Being less than a kilometre to both the central rail stations, the subject property is a natural choice for density, with its current Business – Mixed Use zoning permitting a compatible mix of residential and commercial activity and development to 21 metres, which exceeds the standard height control of 18 metres.
“To this end, it is an extremely attractive future development site, with the potential to deliver offices, retail, accommodation, service and entertainment facilities, healthcare and more.”
Were is marketing the property for sale by tender, including GST, with Bayleys colleague Phil Haydock, closing at 4:00 pm on Wednesday, 26th June 2024 (unless sold prior).
Set back from New North Road behind a corrugated iron fence with off-street car parking, the 109sq m (more or less) floorplate features a three-bedroom character dwelling with one bathroom.
Haydock says that the property is available for sale with vacant possession, providing a virtual blank canvas for the new owner to install a tenant, collect income, or undertake immediate development plans.
“The existing dwelling is an ideal investment proposition for buyers wanting to capitalise on rental demand in the city fringe area whilst also benefitting from a demonstrated history of long-term capital gain.
“On the other side of the ledger, developers can leverage favourable zoning to redevelop the entire site or utilise an underutilised yard behind the current dwelling to add a second structure for maximum density.
“The property could also be used by an owner occupier as a live-work opportunity, providing a high-profile presence on a key arterial for any business whilst living on-site and cutting down on the daily commute.
“The location is versatile and in demand amongst commercial and residential occupiers, having retained its village feeling with historic architecture and connectivity to emerging precincts and critical road infrastructure.
“Nearby Eden Park is New Zealand’s premier stadium and venue, which will continue to be a boon for the local area, providing an astute new purchaser with an endless amount of opportunity to utilise the underdeveloped freehold site, existing residential dwelling, and excellent accessibility,” he says.
- Supplied by Bayleys
