A rare development site for sale in Milford has been tipped as the location for a new upmarket townhouse or apartment project.
Located on a private cul-de-sac near the shores of Lake Pupuke and a short walk from Milford town centre, the site offers a significant landholding with intensive zoning in the midst of an affluent catchment on Auckland’s North Shore.
The land and buildings at 19, 19a and 21 Otakau Road are now being marketed for sale by deadline private treaty closing on 4 March (unless sold prior), through Bayleys North Shore.
Salespeople Michael Nees, Damian Stephen and Michael Su said the property consisted of approximately 1,748 square metres of freehold land spanning three titles.
“The site is generally rectangular and flat across three contiguous titles located near the end of Otakau Road. Its cul-de-sac and lakeside position offers relative privacy and seclusion within easy reach of a wide range of local amenities,” said Mr Nees.
“The three addresses each house individual dwellings which have been well maintained by the current owner. Residential tenancies generate rental income from these properties of $750, $600 and $900 per week respectively, providing a total of $2,250 in weekly income to an investor or developer looking to offset holding costs.”
Mr Nees said the Otakau Road property lay within close proximity to Milford town centre, providing the foundation for a redevelopment opportunity that would benefit from a range of nearby retail and hospitality amenity.
“In addition, the area’s high socio-economic demographic, including a significant contingent of affluent ‘baby boomers’, makes this an attractive sell-down market for a medium to high-end residential redevelopment project,” Mr Nees said.
“The availability of a significant holding of redevelopment land in Milford with intensive zoning is extremely rare compared with other North Shore suburbs. This will make the Otakau Road property a highly sought-after offering.”
Mr Stephen said the property for sale was zoned Residential – Mixed Housing Urban under Auckland Council’s unitary plan, which allows for multi-level redevelopment including low-rise apartments and townhouses.
“This zoning typically permits developments of up to three storeys in various sizes and forms and up to three dwellings per site as of right, subject to compliance with standards,” said Mr Stephen.
“However, recent council decisions on other local projects suggest new owners may be able to obtain resource consents for development of a higher intensity than is provided by the standard zoning. Purchasers are encouraged to seek their own advice.”
Mr Stephen said properties across the road, on the Lake Pupuke side of Otakau Road, were zoned Single House, preventing higher-intensity developments there. This would protect views to the lake from upper floors of any future multi-level development on the site for sale.
Mr Su said the Otakau Road property was within easy walking distance of the amenities of Milford town centre, including retail, hospitality and supermarkets.
“This location also benefits from its close proximity to the Smales Farm innovation precinct, North Shore Hospital and Takapuna CBD, as well as the Northern Motorway interchange, and it is a short drive to Auckland’s CBD in non-peak traffic,” said Mr Su.
“High-quality educational options are also in plentiful supply for future residents. The property for sale is a couple of doors from Milford Primary School. It is in zone for both Westlake Boys and Westlake Girls high schools and within walking distance of other local schools.”