Three neighbouring properties with favourable high-density zoning in the fast-growing suburb of Mount Wellington are set to impress a wide range of prospective purchasers that are looking for a site with scale and plenty of development potential.
248, 250 and 250A Mount Wellington Highway are three separate freehold titles, including three standalone residential dwellings, amounting to 2,374sq m of adjoining land that are being presented to the market as a joint offering. The properties are all zoned Residential – Terrace Housing and Apartment Buildings Zone under the Auckland Unitary Plan.
This is a highly sought-after zone enabling a greater intensity of development than previously provided for and this combined site is located right in the heart of Mount Wellington with New Zealand’s largest outdoor shopping centre Sylvia Park only a short walk away.
Colliers Brokers Logan Roach, Gareth Fraser, and Charlie Oscroft have been exclusively appointed to market the properties for sale by auction to be held at Colliers, HSBC Tower, Level 23, 188 Quay Street Auckland at 11am on Wednesday 10 November, unless sold prior.
Number 248 Mount Wellington Highway is a three-bedroom 98sq m property on 680sq m of land that is currently rented for $620 per week with a fixed-term tenancy that expires in January 2022, while 250 Mount Wellington Highway is a three-bedroom 88sq m property on 685sq m of land that is being leased on a week-to-week tenancy returning $450 per week.
Number 250A Mount Wellington Highway is a 104sq m three-bedroom property on a 1,009sq m site that is currently vacant. All three properties were constructed in the 1950s.
Roach, Investment Sales Broker at Colliers, says the new owner will have a range of options available to them due to the site’s flexible zoning.
“Mount Wellington is an area that has experienced extensive commercial and residential growth recently as a number of new developments have reshaped the suburb,” Roach says.
“The Residential – Terrace Housing and Apartment Buildings Zone provides for urban residential living in the form of terrace housing and apartments. It is predominantly located around metropolitan, town and local centres and the public transport network to support the highest levels of intensification.”
Fraser, Director of Investment Sales at Colliers, says the site is strategically placed with the Sylva Park train station and Panmure Lagoon in walking distance, while the nearby motorway interchange offers easy access to the north, south, and Auckland Airport, which makes the location perfect for further residential development.
“Sylvia Park features supermarkets, restaurants and cafes, banks, fashion and speciality stores, a cinema, Kmart, furniture stores and more, meaning future occupiers will have a host of life’s essentials on their doorstep,” Fraser says.
“With two of the properties currently tenanted the site provides holding income of $55,640 per annum, giving the new owner security as they plan their next moves.”
Oscroft, Director of Investment Sales at Colliers, says Mount Wellington is a suburb that will continue to garner demand from a range of buyers due to the growth potential of the area.
“The Tāmaki regeneration programme and $1.4 billion Auckland Manukau Eastern Transport Initiative will provide the forefront of this growth that will see more than 10,500 new homes built during the next 25 years in the surrounding area and significant investment put into the nearby transport links, including the Eastern Busway project,” Oscroft says.
“There is scope for repositioning the site given the recently released National Policy Statement on Urban Development, which only adds to the appeal of this site that is packed with the potential possibility for further intensification of land use.”