Two titles on offer providing a consented mixed-use, high-profile corner site and an adjoining nine car parks on a separate title in one of Auckland’s most prominent city fringe suburbs has become available to purchase.
The prime future development site at 5/11 Morning Star Place in Mount Albert is located across the road from Westfield St Lukes and consent has already been granted for an eight-unit apartment development with a 110sq m commercial tenancy, and four basement car parks to complement the nine additional car parks that are located on a neighbouring additional title.
The approved resource consent allows for two three-bedroom apartments, two two-bedroom units, and four one-bedroom apartments, providing a popular mix of dwelling typology in a market that remains in undersupply.
The subject site is located on the corner of Saint Lukes Road and Morning Star Place. This corner is also positioned on the intersection of Morningside Drive and the site is part of the wider Morning Star Place development that hosts a mix of commercial and residential units.
There is a range of local amenities nearby and renowned high school Mount Albert Grammar School is only a few minutes away.
Lynch, Associate Director of Investment Sales at Colliers, says this property is strategically located and represents an excellent development opportunity.
“Spread across two unit titles, this shapes as a highly sought-after site given demand for land in Mount Albert is high but in short supply,” Lynch says.
“It is rare to see such a prominent site with so much future potential come to the market. The turnover of property within the Mount Albert commercial precinct is incredibly low.
“With resource consent in place, this is a fantastic opportunity for a developer to come in and put their own touches on the project before construction gets underway.”
Gow, Investment Sales Broker at Colliers, says the site is near multiple transport links, and the neighbouring shopping centre offers bus routes towards every area in Auckland.
“Morningside Train Station is only 1km away, which will take you to Britomart in only 25 minutes, providing convenience for commuters who work in the city,” Gow says.
“The Northwestern Motorway on-ramp is also easily accessed via Saint Lukes Road with a 10-minute drive to the Auckland CBD.”
The property is zoned Business – Mixed Use Zone, which is typically located around centres and along corridors served by public transport.
The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres. The zone does not specifically require a mix of uses on individual sites or within areas.
It also applies to areas where there is a need for a compatible mix of residential and employment activities.
Bakshi, Investment Sales Brokers at Colliers, says the mixture of a prominent location with favourable zoning and consents in place makes this an attractive property.
“Higher density dwelling development opportunities are keenly sought-after across Auckland’s suburbs,” Bakshi says.
“Colliers Research shows that around 60 per cent of apartment developments are to be built in suburban areas during the next few years, compared to 28 per cent in the CBD, as people choose homes supported by amenity and transport connectivity.
“The government’s backing of new homes from a lower deposit perspective and less stringent tax requirements than existing premises currently under discussion are also favourable aspects, not to mention an almost daily coverage from media of rising house prices in an undersupplied sector.”