A substantial and underdeveloped landholding housing a student accommodation complex in a West Auckland growth node is attracting interest from developers eyeing their prospects for the new year, Bayleys salespeople say.
The freehold land parcel comprising 4,789sq m (more or less) in seven titles at 65 Swanson Road is strategically located near the Henderson Town Centre, opposite the Sturges Road transportation hub.
Bayleys Northwest associate director of Development Land and Sales, Wesley Gerber, says the properties are notably underdeveloped, offering significant opportunity for a new owner.
“Single-level existing buildings could be redeveloped to take advantage of the intensive Terraced Housing and Apartment Buildings (THAB) zone, which provides for 50 percent site coverage to a maximum build height of 16 metres, promoting an array of intensive development choices.
“The property’s flat contour and dual street frontage are also attractive, offering flexibility for the purchaser to maintain the property as accommodation, generate income from the existing buildings and amenities, or explore development avenues.”
The site has a significant frontage of circa 75 metres to Swanson Road, with a dual profile to Papatahi Place, a cul-de-sac to the rear of the property.
Mr Gerber is marketing the property for sale with Bayleys colleagues Craig Smith and Cameron Melhuish. Expressions of interest close on Thursday, 7th March 2024 (unless sold prior).
The property was purposefully built in 1988 as a 21-room motel with conference facilities, a commercial kitchen, restaurant, on-site car parking and three-bedroom live-in manager’s flat.
After acquiring the property, in 2021 the current owner undertook refurbishment works, converting the premises for use as its Auckland International College (AIC) Halls of Residence, a consented and fully-equipped student accommodation complex licensed for 63 boarders.
Bayleys Northwest director of Commercial, Industrial and Land opportunities, Craig Smith, says the property is now surplus to the international vendor’s requirements and is offered for sale with vacant possession, allowing purchasers to explore the continuing use as accommodation.
“Auckland has a large and well-publicised housing deficit and rental property shortage exacerbated by recent multi-decade high migration. The anticipation of continued population growth and the central government’s desire to provide affordable accommodation underpins the demand for multi-unit residential offerings.
“The new owner will have the opportunity to potentially blend different lodgings at the site to leverage density controls, current appetite for housing options, and a high-growth location.”
In its Auckland Plan, Auckland Council has identified Henderson as a popular commercial and residential district and a priority area with great potential for urban generation over the next three decades.
“Council has recognised Henderson has strong public transport links, one of Auckland’s best-interconnected series of walking and cycling paths, and is home to excellent cultural, recreational and educational facilities,” Mr Melhuish says.
“While making it an attractive community for residents, it also presents a strong case for further investment. The Council’s development arm is planning a series of initiatives to support liveable growth.
“These include upgrades to public spaces and roading infrastructure. Upon completion of the City Rail Link, the Sturges Road Train Station (opposite the subject property) will considerably improve rail transit time to the central city.
“Add-value potential here is immense, with redevelopment opportunities of this scale and dynamic increasingly rare in such a desirable location. This opportunity is expected to attract broad interest from an array of purchasers, particularly given the quality of existing structures for continued use, development credentials, and local area fundamentals.”