Close to 1.6ha of land is for sale in rapidly developing central Albany with resource granted for 98 terraced houses but with potential for a higher density development.
Located at 80 Don McKinnon Drive, the bare block of 15,969 sq m of freehold land is for sale by tender, closing 4pm, Thursday May 17, 2018, unless sold prior to that date. Featured in Bayleys’ latest Total Property portfolio, it is being marketed by Eddie Zhong, Bayleys North Shore Commercial in conjunction with Mike Hotchin of Bayleys’ Long Bay residential office.
Zhong says the property’s flexible Business - Metropolitan Centre zoning permits a wide range of intensive commercial and/or residential developments but its “highest and best” use would be for residential development.
“It’s superbly located in the heart of Albany, just a short stroll away from the Westfield Albany shopping centre and Events Cinema complex. The elevated, sloping site also has sweeping views across the expansive Albany Lake reserve to Albany Stadium and the bush covered hills behind.”
Hotchin says there is an a resource consent in place for the establishment of 98 terraced residential units on the site plus a community pavilion with associated private and communal open spaces.
The consented development encompasses four-level units fronting Don McKinnon Drive, and three-level terraced town houses behind these. The proposed development would be serviced by a private spine road and a network of laneways.
Under the consented concept plans, each unit would have its own front door facing the street or one of the laneways, a garage and one or more private open spaces. There will be on-street parking facilities, a network of footpaths and in two locations pedestrian connections with the neighbouring public open space to the south of the site.
“The comprehensive plans and resource consent material for this development will be available to anyone considering activating the existing consent,” says Hotchin. ““Alternatively, interested parties may wish to pursue their own plans for the site, perhaps incorporating a higher density of residential dwellings.”
In 2007, a resource consent which has now lapsed, was granted for two residential towers of 23 and 28 levels above a six to 10-level podium. This would have comprised 503 apartments above a podium building housing 920 carparks, 648 sq m of retail.
Zhong says although it is unlikely that a development of this scale would be contemplated again, the option exists to build higher level apartments which would make the most of the views back towards the Auckland CBD and out to Rangitoto Island.
“The site would also lend itself to more affordable housing which both the Government and Auckland Council are very keen to encourage. There is an opportunity to build a larger number of dwellings at a lower price level than is proposed in the consented development.”
The Metropolitan Centres, of which there are 10 around Auckland, are second only to the Auckland CBD in terms of the scale and intensity of development that is permitted. “The council sees them as focal points for community interaction and commercial growth and development as well as containing high frequency transport hubs,” says Zhong. “Surrounding 80 Don McKinnon Drive are many amenities such as the Westfield and Mega Centre shopping centres, the recently opened Albany Stadium Pool centre as well as Massey University. Albany’s park-and-ride bus station is also just a few minutes’ walk away.”
Zhong says growing acceptance of higher density living is evidenced by the nearby Rose Garden apartment development which also overlooks the Albany Lake Reserve and is being described as the largest apartment project currently under construction in New Zealand. A total of 800 apartments are planned for the two hectare site, with the recently completed first stage comprising six buildings. This encompasses a total of 201 one-to-four-bedroom apartments which have been sold off the plans to a mix of owner occupiers and investors.
Hotchin says Albany’s success is due in part to its location at the confluence of State Highway 17, the Northern Motorway (State Highway 1) and Oteha Valley Road.
“Albany continues to experience business growth due to this location and the ease of motorway access it provides as well as a rapidly growing, reliable workforce,” he says. “Residential developments currently being marketed in Long Bay, Silverdale and the Albany triangle are expected to result in approximately 16,500 more people living in the area, thereby further increasing the demand for employment, education, hospitality and retail facilities.”