Bare land consented for mixed-use development
A prominent development site for sale in Albany’s fast-growing town centre offers buyers the flexibility to develop now or land bank for a future cycle.
The 3,406sq m freehold corner site at 4 Appian Way is conveniently located in a hub of residential and retail activity, only a few minutes from the Albany motorway interchange and the park and ride busway station.
The new owner will have the flexibility to create a new development scheme or make use of existing resource consents for a mixed-use residential, retail and commercial development.
Colliers International’s Capital Markets and Site Sales teams have been exclusively appointed to bring the opportunity to market.
Offers by way of deadline private treaty close at 4pm on Wednesday 10 October, unless the property is sold earlier.
Capital Markets Director Blair Peterken says developers have a chance to make their mark on the future of one of Auckland’s fastest-growing suburbs.
“Develop now or land bank for a future cycle – this a superb opportunity to acquire a bare landholding on a corner site, conveniently located in the centre of Albany, with an appealing mix of proximity and flexibility.
“The site is at the centre of a residential and retail hub that offers superb amenity. Nearby developments include Westfield Albany, QBE Stadium, Massey University, the Albany Mega Centre, and numerous apartment projects.
“With such a wave of activity nearby, the site is superbly positioned to capitalise on Albany’s tremendous growth.”
The property has favourable Business Metropolitan Centre zoning under the Auckland Unitary Plan, which allows for intensive mixed-use development of up to 72.5m in height.
Permitted uses include residential, accommodation, retail, commercial and hospitality.
Colliers International Site Sales Broker Cherry Higginson says the high-profile site is of regular shape with excellent frontage.
“Located at the corner of Appian Way and Corban Avenue, the property has excellent proximity to the Northern Motorway interchange at Oteha Valley Road to the east and the Albany Highway to the west.
“The area is well served by public transport, with the Albany bus station located about 1km to the northeast. About 1,100 car parking spaces are provided for bus commuters.
“The Northern Busway bypasses general traffic, providing a hassle-free commute to Auckland CBD.
“Stops along the way service the wider North Shore are, with stations at Constellation Drive, Smales Farm and Akoranga.”
Accessibility to the area will be greatly improved by the New Zealand Transport Agency’s Northern Corridor Improvements project.
To be completed in 2022, the project comprises a new interchange between the Northern Motorway and Upper Harbour Motorway, extra motorway lanes, new busway infrastructure and a cycleway.
Higginson says the property is located within an area of Albany that is still underdeveloped, but has been earmarked for a mix of intensive development under the Auckland Unitary Plan.
Commercial occupiers nearby include a tyre fitting centre, gym, food and beverage operators and a childcare centre, all serviced by open air car parking.
A large format retail and office development is further to the northeast at 260 Oteha Valley Road.
Further south is Albany Lake Reserve, which occupies the most central point of the town centre.
Westfield Albany and an Event Cinema complex are on the other side of the lake. The shopping centre is anchored by Farmers, Kmart and New World, with 150 specialty stores and more than 2,000 carparks.
The QBE Stadium and sports facilities are located to the southwest of the site, while the Oteha Valley Reserve, Hooton Reserve and Lucas Creek are located further north.
There are a number of schools close to the Albany town centre, including the northern campus of Massey University.
Albany is considered to be among the “big five” retail locations within Auckland. Its retailers serve the entire North Shore market, which is estimated to generate $2.7 billion of annual retail spending. That amount projected to grow to $3.7b by 2033.
Albany’s immediate retail catchment is growing fast. The Upper Harbour population is projected to increase by almost 80 per cent by 2033, from 56,800 at the 2013 Census to 101,600.
The median household income is $89,000, which is above the regional median of $76,500, and second only to Orākei.
Higginson says the site for sale is of rectangular shape, with some 75m of frontage to Appian Way facing QBE Stadium.
The property is offered to the market with multiple resource consents in place for a mixed-use residential, retail and office development.
Higginson says the new owner can progress these plans, or propose a more scaled-backed development.
“The site lends itself well to residential, retail, accommodation or office development, or a mix of all of these uses,” she says.
“With its mix of flexibility and proximity, the site offers a superb chance to develop or hold.”