Investors have the opportunity to establish a high density housing development in a strategic location within the sought after suburb of Onehunga.
Numbers 10, 12, 14, 16 and 18 Wade Avenue, Onehunga are being offered for sale as one parcel of land.
The properties are within a Special Housing Area (SHA), which is a location identified for fast-track development to boost Auckland’s housing supply.
Marketed by Rob Meister and Andrew Bruce of NAI Harcourts North Shore, the total site area is 3,215m² over the five adjoining residential properties on the western side of Wade Avenue. The land, which is approximately 84m wide by 40m deep, forms an almost rectangular total area.
The properties will be offered for sale by public tender, closing at 4pm on the 4th of December (if not sold prior).
Meister says they are located within the “Jordan Avenue SHA”, an existing residential area between Mt Smart Road and Grey Street in Onehunga. This land is earmarked to be developed to contain up to 325 dwellings under the Auckland Housing Accord, which the council instigated alongside the government to plug Auckland’s housing shortage.
The properties are located to the north east of the Onehunga business district, 850 metres to the centre of Onehunga Mall and 1.65km to the Royal Oak Mall.
Each property has a 1950s bungalow style house occupying a full freehold, level site. They are character dwellings that typify the area and were probably all ex-Housing Corporation (Housing NZ) when constructed originally. Each house has a different degree of remodelling and improvements such as garaging, decks and landscaping, however as this is a development site, these details are unlikely to be of minor consequence to potential buyers.
Bruce says Onehunga is a sunrise suburb, with values increasing 37% in the new Council 2014 CVs. It is a desirable location due to the character housing available, combined with close proximity to everything needed by households, including shopping, transport and community services. It is considered by many as the “new Ponsonby”.
Wade Avenue is less than 12km from the Auckland CBD, 1km from the centre of Onehunga Mall, 13km from Auckland Airport and 6km from the Southern Motorway.
Bordered by Auckland Council and Housing NZ owned properties such as the Cuthbert Kindergarten, Council Hall, and Housing New Zealand multi-level and single dwelling houses, Wade Avenue is a cul-de-sac street with an easterly aspect.
Meister says this rare offering of five adjoining titles within a Special Housing Area, offers an immediate opportunity to develop intensive housing in accordance with the rules governing SHAs.
Once a site has become an SHA, the subsequent development proposals within these areas must demonstrate that they are qualifying developments. This means they must be predominately residential, not exceeding six storeys or 27m, and not containing fewer than the prescribed number of dwellings specified within the Order of Council.
While any development is required to be predominately residential, non-residential uses are strongly encouraged, such as the creation of employment opportunities. More detailed information on the Jordan Avenue SHAs should be obtained from Auckland Council.
Bruce says the Wade Avenue properties could suit investors wanting a valuable land banking opportunity. There is also the possibility of holding income via renting out the existing dwellings.
There is high demand for housing in the area, particularly with the close proximity to Auckland CBD, and the quiet location makes the land all the more valuable for residential development, Bruce says.
10, 12, 14, 16 and 18 Wade Avenue, Onehunga, are offered for sale as one parcel of land by tender (unless sold prior). Tenders are to be presented to ANI Harcourts, located at 128 Hurstmere Road, Takapuna, no later than 4pm on Thursday 4 December 2014.
