Land and consented building plans for the development of seven mid-rise retail, commercial and apartment blocks in urban Auckland have been placed on the market for sale.
The development – tentatively named The Alba - sits on approximately 3927 square metres of land overlooking Dairy Flat Highway in Albany village on Auckland’s North Shore. The consented plans allow for the construction of seven five-storey blocks with retail units at street level, commercial offices on the first floor, and apartments on the upper three levels.
The six retail sites range in size from 158 square metres up to 290 square metres, while the commercial premises range in size from 205 square metres up to 310 square metres. The office premises are being promoted as professional open-plan urban work spaces.
The top level of each tower currently features designs for 179 square metre three-bedroom/two bathroom penthouse dwellings with wrap-around open decking. Aside from the penthouses, the approved apartment configuration contains a mix of one, two and three-bedroom units ranging in size from 76 to 112 square metres, all with elevator access to underground car parking facilities.
The land and consented development plans for The Alba are being marketed for sale by Bayleys Long Bay through a tender process closing on August 26. Bayleys Long Bay salesperson Gary Douglas said The Alba would be at the bow-wave of modernising Albany township.
Mr Douglas said that while the three-pronged development plans being sold in conjunction with The Alba land had already been approved by Auckland Council, there was nothing to stop potential purchasers buying the land and submitting alternative building options which could contain greater or higher residential intensification options.”
The land is currently tenanted by a range of trading businesses – including a boat yard, café, physiotherapy treatment rooms, and commercial offices. All have various tenancy terms expiring next year with the potential of extending those out on month-by-month leases. Combined, the multiple tenancies generate rental income of $200,000 per annum.