Two titles are on the market, providing a consented mixed-use, high-profile corner site and an adjoining nine carparks on a separate title in one of Auckland’s most prominent city fringe suburbs.
The prime future development site at 5/11 Morning Star Place is across the road from Westfield St Lukes in Mt Albert. Consent has been granted for an eight-unit apartment development with a 110sq m commercial tenancy and four basement carparks to complement the nine additional carparks located on a neighbouring additional title.
The approved resource consent allows for two three-bedroom apartments, two two-bedroom units and four one-bedroom apartments, providing a popular mix of dwellings in a market that remains in under-supply.
Colliers brokers Jonathan Lynch, Ned Gow and Gawan Bakshi have been exclusively appointed to market the property for sale by auction at 11am on Wednesday 20 October, unless sold prior.
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The site is located on the corner of St Lukes Rd and Morning Star Place. This corner is also on the intersection with Morningside Drive and the site is part of the wider Morning Star Place development that hosts a mix of commercial and residential units.
There is a range of local amenities and renowned Mt Albert Grammar School is only a few minutes away.
Lynch, associate director of investment sales at Colliers, says this property is strategically located and represents an excellent development opportunity.
“Spread across two unit titles, this shapes as a highly sought-after site given demand for land in Mt Albert is high but in short supply,” Lynch says.
“It is rare to see such a prominent site with so much future potential come to the market. The turnover of property within the Mt Albert commercial precinct is incredibly low.
“With resource consent in place, this is a fantastic opportunity for a developer to come in and put their own touches on the project before construction gets under way.”
Gow, investment sales broker at Colliers, says the site is near many transport links and the neighbouring shopping centre offers bus routes towards every area in Auckland.
“Morningside train station is only 1km away, which will take you to Britomart in only 25 minutes, providing convenience for commuters who work in the city,” Gow says.
“The Northwestern Motorway on-ramp is also easily accessed via St Lukes Rd with a 10-minute drive to the Auckland CBD.”
The property is zoned Business – Mixed Use Zone, which is typically located around centres and along corridors served by public transport.
The zone provides for residential activity as well as predominantly smaller scale commercial activity. The zone does not specifically require a mix of uses on individual sites or within areas. It also applies to areas where there is a need for a compatible mix of residential and employment activities.
Bakshi, investment sales broker at Colliers, says the mixture of a prominent location with favourable zoning and consents in place makes this an attractive property.
“Higher density dwelling development opportunities are keenly sought-after across Auckland’s suburbs,” Bakshi says.
“Colliers Research shows that around 60 per cent of apartment developments are to be built in suburban areas during the next few years, compared to 28 per cent in the CBD, as people choose homes supported by amenity and transport connectivity.
“The Government’s backing of new homes from a lower deposit perspective and less stringent tax requirements than existing premises currently under discussion are also favourable aspects, not to mention an almost daily coverage from media of rising house prices in an under-supplied sector.”
- Article supplied by Colliers
