A large vacant development site in the leafy Auckland suburb of Kohimarama is for sale with consent for a four-lot residential subdivision and the potential for even greater density to maximise its generous zoning.
The 2,975sq m landholding at 336A Kohimarama Road is zoned Mixed Housing Urban, which allows for reasonably high-intensity development, typically up to three storeys in height.
It was consented for subdivision prior to the implementation of the Auckland Unitary Plan, which leaves the door open for exploring further development options now the plan is in effect.
“This strategic landholding is for sale at a time of very strong residential price growth, with the median Auckland house price now at a record high of $1 million – up 20 per cent in the last year.
“We’ve seen enormous demand for residential development land in recent months, having sold more than $440 million of sites around Auckland since March. The site for sale has immense appeal in this market.
“A new owner could utilise the existing resource consent to deliver a high-quality residential development. There is also an opportunity to explore further intensification, given the large scale of the site and the Auckland Unitary Plan’s emphasis on higher-density usage.
“With the help of a professional planner, a comprehensive site-wide development could be considered on an urban design outcome basis.
“Either develop now or land bank for the future – no matter which option you choose, the site’s underlying value and sought-after location make it a solid investment with the potential for strong returns.”
Colliers International has been exclusively appointed to sell the property by expression of interest closing at 4pm on Thursday 10 December, unless it is sold prior.
Site Sales Broker James Appleby says the site is well located with easy access to public transport, local amenities, restaurants and eateries.
“Kohimarama is an established, well-connected beach suburb nestled between Mission Bay and St Heliers in Auckland’s Eastern Bays.
“It is well known for its landmark beach, which offers sweeping views to Rangitoto as well as a boardwalk, shady pohutukawas, a boat ramp and yachting club.
“The property for sale is accessed from Kohimarama Road. Beach access is only a short drive away, while primary and secondary schools are located within 2km.
“Kohimarama has limited retail options but does benefit from a well-regarded cafe and store run by the acclaimed Hip Group.
“There are shops throughout the surrounding suburbs, with a village atmosphere at St Heliers and a preponderance of eateries at Mission Bay. Further retails options are located at the nearby Eastridge and Ōrākei Bay Village shopping centres.
“All of this amenity, plus Kohimarama’s friendly coastal village vibe, makes it a highly desirable residential location.”
The property’s Mixed Housing Urban zoning enables a greater intensity of development than previously provided for.
Development is typically up to three storeys in a variety of sizes and forms, including detached dwellings, terrace housing and low-rise apartments.
The zone is intended to support greater capacity and choice of housing as well as promoting walkable neighbourhoods and fostering a sense of community.