Neighbouring properties in the rapidly developing suburb of Onehunga present a wide range of buyers the opportunity to secure a highly desirable development site for their next major project.
34A and 36 Athens Road, Onehunga are being sold as a combined offering and have a total site size of 2,820sq m. The properties are zoned Residential - Mixed Housing Suburban Zone under the Auckland Unitary Plan.
34A Athens Road features five two-bedroom units, while 36 Athens Road has three two-bedroom units and when fully tenanted the site could provide a total annual rental income of up to $228,000.
The site is located on a quiet street in Onehunga just minutes away from the growing town centre, which boasts ample local amenities, while offering excellent connectivity to public transport and Auckland’s motorway network.
Colliers Brokers Josh Coburn, James Appleby, and Connor Glengarry have been exclusively appointed to market the properties for sale by way of expression of interest closing at 4pm on Thursday 2 December.
Coburn, Director of Site Sales at Colliers, says this freehold location will be attractive for developers given the flexibility on offer to potentially make their mark in one of Auckland’s coveted city fringe suburbs.
“These properties have been owned by the same family for more than 80 years. The neighbouring sites will give prospective purchasers a number of options to consider,” Coburn says.
“The new buyer may choose to hold onto the land and lease the existing units, which presents a steady rental stream, or they may choose to use it as holding income before repositioning the site with a large-scale development.”
Appleby, Site Sales Broker at Colliers, says the zoning makes this site an exciting development opportunity.
“The Residential – Mixed Housing Suburban Zone is the most widespread residential zone covering many established suburbs and some greenfield areas. Much of the existing development in the zone is characterised by one or two storey, mainly stand-alone buildings, set back from site boundaries with landscaped gardens,” Appleby says.
“The zone enables intensification, while retaining a suburban built character. Development within the zone will generally allow for a variety of types and sizes to provide housing choice.
“Being greater than 1,000sq m, the Auckland Unitary Plan rules permit some discretion to standard density outcomes. These provisions help to ensure a quality outcome for adjoining sites and the neighbourhood, as well as residents within the development site.”
Glengarry, Site Sales Broker at Colliers, says Onehunga is one of the fastest-growing suburbs in Auckland and has experienced huge gentrification during the past decade.
“As a suburb it is truly diverse, not only in its inhabitants and their cultures but also in its architectural landscape as the buildings and homes range dramatically showing styles and designs showcasing different eras in Auckland’s development history,” Glengarry says.
“Housing continues to be in huge demand across Auckland and this large landholding presents buyers with the opportunity to create a development that will be highly sought-after. Onehunga’s town centre continues to expand and boasts popular amenities such as Dress Smart, the local library, Onehunga Pool, and a range of cafes and eateries.
“Onehunga presents its occupants with the ability to reach Auckland’s CBD in only 20 minutes during off-peak traffic, while it is also only 10km away from Auckland Airport. The subject site is only 2km from the Onehunga train station, adding another layer of convenience.”