Pukekohe development opportunity snapped up by local buyer

Pukekohe development opportunity snapped up by local buyer

82 Anzac Road, Pukekohe, Auckland

The Property
- 2.3725ha (more or less) of residential 9A-zoned land
- Expansive views
- North-easterly aspect with 2 road frontages
- Holding income from 110sqm house on periodic residential tenancy and cropping land
- CV: $2,600,000
- 4km to southern motorway on-ramp and 39kms to Auckland airport
Quick Look
- National Total Property marketing campaign with auction sale method
- Editorial coverage in the NZ Herald’s True Commercial property pages
- Interest came mainly from local Pukekohe and wider Auckland buyers
- Two active bidders on auction day – both from Pukekohe
- SOLD under the hammer for $3,200,000

The Story

This parcel of prime development land in Pukekohe has been used for market gardening, but as Auckland expands to cater for exponential residential growth, Pukekohe has new appeal for residential projects.

Auckland Council says homes for up to 80,000 people are forecast in its draft structure plans for Pukekohe and Drury, representing the council’s biggest development programme outside of the established urban environment.

Shane Snijder, Piyush Kumar and Ginny Cheyne of Bayleys Pukekohe, marketed the property on behalf of its owners who felt it was time for someone else to dictate the future of the site.

“There’s been massive growth in the Pukekohe area in recent years and there’s plenty more to come with new homes and job creation happening in front of our eyes,” explains Shane.

“Our vendors didn’t have the appetite for taking on risk associated with subdivision and development, although they did have scheme plans drawn up.

“We were selling potential and opportunity.”

Shane says he was not surprised that competition in the auction room came down to two local Pukekohe parties as they understand the area and were prepared to wait until a new sewerage line was established.

“Realistically, there’s an expected three-year timeframe before any subdivision or development will take place.”

There’s major residential and commercial/industrial development happening in the broader Franklin area currently. Paerata Rise is a new lifestyle community with around 4,500 new houses planned while more than 1,300 homes are being created within the Auranga housing development in west Drury.

Meanwhile, Stevenson Group’s industrial development in Drury South is progressing and Kiwi Property is underway with its new Drury town centre development.

Purchaser Comment

Familiarity with the area and the potential it holds meant the purchaser was confident to bid.

The local investor and developer says these are exciting times for the Franklin district.

“I’m a ‘Puke’ boy and I like to stick with what I know – this is an area that is really growing and changing,” he says.

The purchaser has undertaken other residential development in Pukekohe over the years and is happy to take the holding income from this property and wait until he gets the green light to progress.

“There’s plenty of residential development activity in the pipeline currently which should cater to immediate demand, so by the time I’m ready to release sites to the market, I think there will be a new wave of buyers looking to live in Pukekohe.”

He intends portioning up the land into sections and “home and section” packages and says his dealings with Bayleys have been positive and proactive.

“Shane was always happy to help me with any queries I had and it’s been a pleasure to do business with him and the team.”

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