One of the last large parcels of land available for development in Remuera is for sale by negotiation.
There are few, if any, comparable properties left in the inner suburbs, says Geoff Thorne of NAI Harcourts North Shore, who is marketing the land along with this colleague Rob Meister.
12 and 46 Abbotts Way, two adjoining titles, are offered as one package of land. Together they comprise in excess of 1.5 hectares in Auckland’s most exclusive suburb.
“This is one of the last opportunities to buy a significant piece of land in Remuera. Investors will never again have at their fingertips such potential for development or land banking for the future,” Thorne says.
One possibility for development is a retirement village, Thorne says, which resource consent has already been approved for in the past. Located next to an already established and small-scale retirement village, this site offers a desirable location for an inner city village that is almost impossible to replicate.
“The Baby Boomer population is putting pressure on the retirement village style of living as they downsize and look for security and a high quality lifestyle,” Thorne says. “This supply and demand disparity looks set to exist for some time. Developers won’t find a better suited piece of land, in an area considered highly desirable for the purpose.”
Other possibilities for development include terraced or intensive housing.
The current zoning is residential 6A, which allows for density of 375m² gross land area per site. Under the proposed Unitary Plan the properties are zoned as Mixed Housing Suburban. This allows for a density of one dwelling per 200m² (where four or more dwellings are proposed and the site has a minimum area of 1200m² and other frontage criteria).Proposed buildings must not exceed 8m in height.
Located a short distance away are some of Auckland’s most exclusive addresses and properties. 12 & 46 Abbotts Way are also close to the Remuera Gold Course, Remuera Village and Meadowbank shopping centres. Newmarket lies further north-west.
Together the properties make up approximately 15,418m². 12 Abbotts Way comprises 5,827m² and 46 Abbotts Way 9,591m². The 2014 Capital Value for both is a combined $12.3 million, however does not accurately reflect what the land will sell for, Thorne says.
Meister says the only improvements include a four bedroom house that is in a poor state of repair. It is envisaged that any purchaser will have plans that include the development of the entire site, making this house irrelevant.
There is excellent access to the sites, with two separate street entrances from Abbotts Way. However, for prospective purchasers viewing is by appointment only.
The owner has undertaken a geological investigation and water course management. These reports will be available to qualified parties.
Offered to the market for sale by negotiation, this outstanding parcel of land is genuinely for sale at a time when demand for housing and senior living is at an all-time high, Meister says.
“Auckland’s housing market is playing catch-up after years of lack of development and at current levels of building there is still a significant shortfall of new houses being built to supply the demand. As such this opportunity should not be overlooked by investors.”