A substantial 6.955ha tract of residential land held in multiple titles with the potential to be developed into hundreds of new homes or apartments is for sale in the fast-growing Auckland community of Westgate.
Located a short walk from Westgate’s established town centre and Northwest Shopping Centre, the land has been subdivided into 11 ready-to-develop lots that are for sale either individually or collectively.
The lots are zoned Residential - Terrace Housing and Apartment Buildings under the Auckland Unitary Plan, allowing for intensive development of up to 16m in height.
New owners could explore a range of options, from a boutique development on a single lot through to a staged, master-planned residential, retirement or multi-level apartment development over the entire site.
Colliers International has been exclusively appointed to market the land at 28-44 and 50-66 Westgate Drive for sale by way of an expressions of interest campaign. Offers close at 4pm on Thursday 23 July, unless the property is sold earlier.
Blair Peterken, Director of Colliers’ Capital Markets team, says it is a significant opportunity to purchase prime development land in a major growth node of Auckland.
“With favourable high-density zoning and limited supply of premium land close to Westgate, this is undoubtedly one of the best development opportunities of 2020,” says Peterken.
“The 11 freehold titles are available for sale either together or as any combination of individual lots, with sizes ranging from 1,968sq m to 45,569sq m.
“Westgate is a highly accessible western Auckland suburb, located only 15 minutes from Auckland’s CBD. The area’s residential and commercial precincts continue to grow as Auckland Council executes its growth plan for the area, serving as the principle centre for the Northwest community.
“The location has excellent amenity, being situated close to the Northwest Shopping Centre and only 150m from Westgate Shopping Centre, which is home to major retailers such as Countdown and Pak’nSave supermarkets, The Warehouse, Harvey Norman, Event Cinemas, Torpedo7, and Mitre 10.
“A new Bunnings is due to open this year while New Zealand’s first store for the retail giant Costco is also planned for the area.
“This amenity, combined with exceptional proximity to the motorway network, makes this a premium development opportunity.”
The sites are more or less regular in shape with a combined frontage of some 650m to the Northwestern Motorway (State Highway 16).
Westgate Drive lies on the southern side of Fred Taylor Drive immediately to the south of the Westgate Town Centre, at the juncture of SH16 the Upper Harbour Motorway (SH18).
Josh Coburn, Site Sales Director at Colliers International, says the sites run almost the entire length of SH16 between Westgate Town Centre and Royal Road and also have massive frontage to Westgate Drive, a major collector road.
“To the west, there is a large body of modern housing, largely built within the last five years. The growth of this location is part of the broader growth story of the Northwest.
“The Northwest has undergone a remarkable transformation in recent years as the key areas of Hobsonville Point, Whenuapai and Red Hills have become hubs for large scale residential development.
“Westgate is the primary retail and town centre for these areas, plus the established areas of Massey, West Harbour and Royal Heights.”
Since opening in 1997, Westgate Shopping Centre has been a hub for shopping, dining, entertainment and business with over 80 tenancies.
Some of New Zealand’s largest listed property companies have substantial investments in the area including Kiwi Property Group, which owns Westgate’s Zone 7, and Stride Property, owners of the Northwest Shopping Centre.
To date, public and private sector investment in the Westgate area is in excess of $1 billion. Once completed, Westgate is expected to create 10,000 new jobs and house 4,000 new residents.
Westgate’s masterplan includes some 6ha of public open space, including parks and walkways. Public amenities include a playground, regional skateboard park, bus interchange, and a new 3,500sq m library, community centre and Citizens Advice Bureau.
The nearby growth areas of Hobsonville Point, Whenuapai and Red Hills are well on their way to becoming major residential suburbs, with some 14,500 new homes planned.
The northern block of land for sale has 10 individual lots ranging in size from 1,968sq m to 3,623sq m, with depths from about 70m to 130m.
Being adjacent to an existing completed subdivision, the sites have access to all infrastructure already, making them unique for sites of this scale in Westgate.
The southern block, which remains in a single title of 45,569sq m, is also largely regular shape with CBD views from its peak.
Coburn says residential development land remains in high demand, with Colliers’ specialist Site Sales team seeing a big influx in enquiry throughout the recent Covid-19 lockdown.
The team transacted 28.68ha of predominantly residential and mixed-use development land sales in Auckland, for a total price of more than $150 million, within the last two months.“Investors are confident that residential will remain resilient,” says Coburn. “Land in particular continues to be viewed positively, with houses still selling and demand continuing to outstrip supply.”