The residential intensification of suburban Auckland continues to gather momentum – with a huge block of land in the central suburb of Mount Albert becoming the latest large scale development site to be placed on the market for sale.
The substantial 7,500 square metre site straddling Carrington Road and Benfield Avenue is currently zoned 6A which allows for a density of one residential unit for every 375 square metres of land.
However, under the Proposed Auckland Unitary Plan the land will be reclassified into a Mixed Housing Urban zoning – allowing for more intensive development of the site in such configurations as terraced blocks, and low-rise apartment blocks.
The land is currently in five separate neighbouring titles – each with its own older style dwelling. The current combined Council Valuation of the individual sections is $6.585million.
However Bayleys Real Estate salesperson Jock Kooger who is marketing the block for sale said that when pooled together, the site’s value increased dramatically “because of the incremental development potential which emanates from having so much land in adjoining blocks.” The property is jointly being marketed with Colliers International through salespeople Tony Allsop and Gawan Bakshi.
“Through the Auckland Council resource consenting process, more dwellings at a higher density may be built on large sites with road frontages. This is because larger sites are capable of accommodating a wider range of housing types,” Mr Allsop said.
Mr Kooger said the landholding was owned by a private individual, who had quietly and carefully accumulated the various portions over some three decades of property investment.
“You could say that she saw the potential for this area long before Auckland began experiencing its current growth spurt, and bought the right bits of land at the right time – with a very strategic end position in mind… which is what is now being sold,” Mr Kooger said.
“It’s a textbook scenario of the ‘whole’ being very much bigger than the ‘parts’. Most of the land is in fact green space – another factor which points to the overall redevelopment and intensification of the property as there is minimal need for demolition of existing dwellings.
“And with double-site road access onto two separate streets, the entry and exit points allow for the creation of very flexible yet substantial concept plans.”
Mr Bakshi said the site’s close proximity to Mount Albert town centre aligned it with both Auckland Council and the Government’s call for more city-fringe dwellings to be built around suburban infrastructure and transport hubs.
“One of the objectives of Auckland Council’s proposed unitary plan is to ensure that land surrounding high density residential areas, and close to a frequent service transport service, is efficiently used to provide urban living which increases Auckland’s housing supply and choice,” he said.
“The existence of considerable social infrastructure in the immediate Mount Albert locale includes retail amenities, educational institutions from primary through to high school, and recreational destinations such as Western Springs Park. All of these aspects underpin the potential for housing intensification on this site.”
Offers for the Carrington Road/Benfield Avenue block are being taken through until May 11.
Mr Kooger said the vendor, now retired, was now selling up this block as they wanted to use the proceeds to fund a new project in the South Island, combined with the property market showing strong demand for such rare large residential development sites coming up for sale.
“There have been numerous two and three site pieces of land coming up for sale which have been smattered across Auckland’s city fringes, but certainly nothing of this size and scale,” he said.