A prime Remuera development site on the doorstep of Newmarket is for sale with resource consent for an eight-level apartment complex plus holding income.
The 4,201sq m landholding spans five titles at 1-1A MacMurray Road and 4-10a Robert Hall Avenue, just off St Marks Road.
It boasts dual street frontages and is prominently positioned between the high-profile St Marks Residences apartment building and the stunning new MacMurray Centre medical facility.
The land is zoned Business Mixed Use, allowing for intensive redevelopment with a wide range of residential or commercial uses.
Colliers International’s Auckland Investment Sales team has been exclusively appointed to market the site for sale by tender closing at 4pm on Thursday 3 December, unless it is sold prior.
Associate Director David Burley, who specialises in Remuera and Newmarket property sales, says it is an exceptional opportunity to acquire a large development site in a prime central location.
“This substantial mixed-use landholding is strategically positioned on the border of Remuera, Newmarket and Epsom, with excellent access to the motorway and amenities.
“Sites of this scale are incredibly rare, especially in such a sought-after location within the double Grammar school zone and with superb access to Newmarket’s thriving retail and hospitality scene.
“To add to the attractiveness of the opportunity, part of the site is consented for a high-density apartment complex comprising 69 dwellings and 122 basement car parks.
“The unique combination of land size, zoning and location make this piece of prime Remuera land a must see for land-bankers as well as residential or commercial developers.”
Ned Gow, Investment Sales Broker at Colliers, says the contour of the land provides a good base for development.
“The landholding boasts a sunny northeast-facing aspect on MacMurray Road and an east-facing aspect from Robert Hall Ave.
“To the northwest is the highly recognisable St Marks Residences – a successful six-storey apartment development completed in 2016 and fully sold.
“To the southeast is the MacMurray Centre – a newly completed, Warren and Mahoney-designed private medical centre for an endoscopy specialist.
“These new neighbouring buildings showcase good demand for quality residential and commercial developments in the area.”
The MacMurray Road title has an area of 2,621sq m and 51m of street frontage, while the four titles on Robert Hall Avenue have a combined area of 1,580sq m and 47m of frontage.
The 2,621sq m title at 1-1A MacMurray Road comprises a villa occupied by the vendor, a showroom built to sell the consented development and a car park servicing St Marks Residences.
The four titles at 4-10a Robert Hall Ave have individual dwellings of various sizes.
The consented development plans cover the title at 1 and 1a MacMurray Road. There are also design plans available for the Robert Hall sites.
The consented development would comprise two apartment buildings with panoramic views over leafy Remuera.
The seven-floor Eastside building would comprise 34 dwellings with one, two or three bedrooms. Expansive north-facing views would take in the Auckland Museum, Waitematā Harbour and Rangitoto.
The eight-floor Westside building would comprise 35 dwellings with one, two and three bedrooms. There is a 30m height allowance consented to enable this additional storey.
This building would face towards Auckland’s volcanic domes and a beautiful landscaped podium below. Its penthouses would also enjoy north-facing views over the top of the Eastside building.
Amenities included in the resource consent include a heated 25m pool, spa, sauna, gym, billiard room and lobby.
“A new owner could proceed with the consented plans, or devise a new masterplan for the entire site to make the most of the stunning location and generous zoning,” says Burley.
“With so much potential plus holding income, this is an opportunity that savvy developers or land bankers will not want to miss.”