The ridge line above Mission Bay offers a wide range of locational advantages for residential use. The position is about a kilometre from Mission Bay beach and is approximately 5k east of Auckland's Central Business District. The Council's Unitary Plan recognised the area as having huge potential for more intensive development and a pocket of land in the vicinity of Eastridge Shopping Centre, including the subject property, was zoned for Terrace Housing and Apartments. Developers quickly seized the opportunity and two apartment blocks, Outlook and Horizon, are already underway.
The subject property enjoys the same elevated position as these developments with a wide outlook over the surrounding district, including harbour and city views. The property also has the benefit of adjoining an extensive park and, being a rear lot, is set back from the Kepa Road carriageway. A reciprocal right of way easement with the adjoining property allows a 7 metre plus access strip to the site proper.
The site is occupied at present by a single block containing a 3 bedroom home, 3 x 2 bedroom units and a 1 bedroom unit. Most of the buildings were erected in the 1960s with one unit added at a later date. The current gross rental is equivalent to $106,600 per annum which provides a substantial holding income.
Avery Architects have completed a feasibility study on the site and their proposal for optimum development of the land appears to be a 28 apartment building. The block would contain a basement car parking level, 3 levels of 8 apartments each, and another 4 penthouse apartments, each with stunning views, all subject to Council Resource and Building Consents. Naturally the new owner will have their own ideas or needs. The site's easy contour ensures that construction will be both efficient and economic. Outlook and Horizon prove the viability of apartment development in the Kepa Road location.
Concept plans are available.