An elevated city fringe development site at the top of College Hill, with stunning views across the Auckland CBD skyline, is for sale as a fully consented opportunity to deliver a prestigious residential project in the fashionable and vibrant suburb of St Marys Bay.
Located on a 2,364sq m parcel of freehold land, 99 College Hill has split zoning and a well-executed resource consent allowing for the development of 49 premium apartments and terrace houses.
It is offered for sale as a fully cleared, ready to develop ‘blank canvas’ at a time when shovel-ready residential land is in huge demand.
Buyers have been scooping up huge tracts of development land across Auckland in recent months, with Colliers International alone selling more than $350 million since the first Covid-19 lockdown.
It is for sale by international expressions of interest closing at 4pm on Wednesday 11 November, unless sold prior.
Richard Kirke, International Investment Director at Colliers, says he expects strong interest in 99 College Hill from a range of local and international parties.
“New Zealand remains an attractive investment location for offshore capital, particularly as low interest rates continue to bring down the cost of borrowing.
“Our Covid-19 response is also a plus for investors, with many viewing New Zealand as a safe haven in the context of a turbulent global environment.
“While the economic impacts of Covid-19 on New Zealand will be felt for some time, there are promising signs of buoyancy in the residential property and construction sectors.
“New development is continuing apace, with the construction sector able to deliver at all but the highest Covid alert level. This provides a safeguard for developers seeking opportunities in the current market.”
Capital Markets Director Blair Peterken says it is a trophy landholding that will have huge appeal for developers and land bankers alike.
“This is an unmatched opportunity to unlock the potential of a strategically located residential development site in one of Auckland’s most sought-after areas.
“The property is superbly located only 100m from Ponsonby and Jervois Roads, right on the doorstep of Three Lamps village and all the amenity of the city centre.
“It is within easy walking distance of Wynyard Quarter, the Viaduct and numerous beaches, as well as the New World supermarket and Ponsonby’s abundant retail and hospitality options.
“The site is ideally suited to a premium residential development that will maximise its unparalleled location and uninterrupted views of Auckland’s CBD skyline.
“Properties in this area are incredibly tightly held – particularly assets of this magnitude, of which very few transact. This is undoubtedly the premier city fringe development opportunity of 2020.”
The site has dual access to College Hill to the south and Dublin Street to the north, with split zoning allowing for varying typographies across the site.
The resource consent provides for 32 dwellings across two separate four-level buildings fronting College Hill, with the remaining 17 dwellings towards Dublin Street.
College Hill provides a key link between Auckland’s CBD and the affluent residential suburbs of Ponsonby, St Marys Bay, Herne Bay, Freemans Bay and Grey Lynn.
It is well served by public transport, including regular City Link bus services, and easy access to Auckland’s motorways in all directions.
Ponsonby is considered one of Auckland’s top fashion and entertainment hot spots, and is popular with high net worth individuals and creative entrepreneurs.
Nearby Wynyard Quarter is a fast-developing hub of eateries, entertainment and offices that is set to become the thriving heart of the America’s Cup.
Josh Coburn, Site Sales Director at Colliers, says the property for sale benefits from a complementary mix of zoning and extensive pre-development work by the vendor.
“The College Hill frontage is zoned Business Mixed Use, allowing for development up to 18m in height. A variety of uses is permitted including residential, retail and commercial.
“The consented plans for the College Hill end of the site provide for 31 two-bedroom apartments, a single one-bedroom apartment and 30 car parks.
“The land fronting Dublin Street is zoned Residential Single House. The consented plans provide for seven two-bedroom dwellings, 10 one-bedroom dwellings and 32 car parks.”
The resource consent has been extended from the original application and is now valid through to November 2026.
Coburn says residential property, and land in particular, is seen as a resilient investment in times of economic uncertainty, with buyers flocking to sites of scale, and more notably sites of prestige and rarity, such as College Hill.
“The combination of strong demand for housing, positive market sentiment, and good construction sector capacity, make this an ideal time to buy development land.
“The site for sale at 99 College Hill also provides the added benefit of a well-considered site plan with a long-term resource consent in place.
“This is a truly one of a kind opportunity to develop a premium residential project in one of Auckland’s most affluent and well-connected neighbourhoods.”
Find out more here.