Upland Road site an unprecedented redevelopment opportunity

Development site for sale at 17 Upland Road Remuera

The sale of the former Caughey Preston Trust site in Remuera represents an unprecedented opportunity to redevelop a large strategic landholding in one of Auckland’s most prestigious suburbs.

The Marianne Caughey Smith-Preston Memorial Rest Homes Trust Board has exclusively appointed Colliers International to market 17 Upland Road for sale by expressions of interest closing at 4pm on Wednesday 18 March.

The size, zoning and location of the 3.17ha property make it suitable for a wide range of options including high-density residential, build-to-rent housing, aged care, education, subdivision, or a mix of uses.

The site provides 36m of frontage and access to Upland Road, 149m of frontage and access to Ventnor Road and additional access onto Lucerne Road.

Prospective buyers are encouraged to consider a comprehensive, master-planned redevelopment scheme to maximise the site’s huge potential.

The Caughey Preston Trust was the legacy of pioneering businesswoman and philanthropist Marianne Caughey Preston MBE, who was a founder of Auckland retail institution Smith and Caughey’s.

She died in 1938, leaving most of her self-made estate to the establishment of a trust to provide rest home care for the ‘infirm, aged or those suffering hardship’ in Auckland.

The rest home was subsequently established in the 1960s and evolved to its completed form over 60 years of expansion. In 2017 the Trust Board undertook a strategic review of the rest home and closed and decommissioned the operations. The Trust is now selling the land at 17 Upland Road.

Colliers International’s Capital Markets team is marketing the property in conjunction with the agency’s Auckland Investment Sales and Site Sales teams.

Capital Markets Director, Blair Peterken, says it is an unprecedented opportunity to acquire a premium offering in an unbeatable location.

“At 3.17ha and located in arguably New Zealand’s most affluent suburb, the site presents one of the largest redevelopment opportunities in the country. If investors are looking for scale then this is it.

“The site benefits from excellent proximity to a wide range of amenities including the Upland Road shops, Remuera Village, Ōrākei Bay Village, Ōrākei Train Station, popular schools and main arterial routes.

“Extensive improvements are in place from the site’s former use as a large-scale rest home. A buyer could either integrate these improvements into a redevelopment plan or completely transform the site under a new masterplan.

“The site is zoned Mixed Housing Suburban under the Auckland Unitary Plan, which provides for moderately intensive residential development.

“A new owner will have a wide range of redevelopment options to consider. Subject to resource consent, these could include single houses, townhouses, apartments, build-to-rent accommodation, aged care, education, subdivision, or a comprehensive development featuring a combination of these.”

Gareth Fraser, Auckland Director of Investment Sales at Colliers, says the site is superbly located in a premium area.

“Remuera is an affluent residential area that enjoys good transport links, with easy access to Auckland’s motorway network, multiple bus routes along Remuera Road, and train stations at Greenlane, Remuera and Ōrākei.

“The property is close to the Upland Road shops and Remuera Village, and has excellent accessibility to Newmarket, which is home to a brand-new Westfield – the largest in the Southern Hemisphere.

“Remuera also boasts some of New Zealand’s most prestigious primary and secondary schools, including Kings, St Kentigern, Baradene, St Cuthbert’s, Diocesan and Dilworth.

“The suburb also benefits from proximity to multiple cafes, restaurants and boutique retail developments.”

Fraser says the property is located on the northern slopes of Remuera and comprises an irregular-shaped site with a contoured fall from the east/southeast to north/northwest.

“This contour has been utilised effectively by the three road entrances on Upland, Ventnor and Lucerne Roads, and the common areas between buildings have been attractively landscaped to provide mature, park-like surrounds.”

Peter Herdson, National Director of Capital Markets at Colliers, says the property comprises some 12,435sq m of improvements which provided hospital, aged care residential and ancillary services.

“The improvements comprise a 104-bed hospital and rest home accommodation for 148 residents across three buildings including a secure dementia unit. The total existing bed capacity is circa 252.

“The oldest clinical buildings on the site were constructed in the 1950s, with most of the remaining improvements constructed in the 1970s and 1980s. The original buildings also included a reception, central kitchen and ancillary buildings.

“The most recent improvements include an extension to the existing hospital building in the centre of the site which was undertaken around 2011.

“The balance of the site provides mature trees and communal open space. Car parking is generally provided throughout the site, with additional undercroft car parking provided under main hospital improvements.”

Josh Coburn, Site Sales Director at Colliers, says it is the largest conceivable residential development site in the wider Remuera area, and will be attractive for numerous potential development outcomes.

“We strongly recommend prospective buyers seek specialist planning advice to determine what is possible with the site.”


Related Experts

Blair Peterken

Director | Capital Markets

Auckland CBD

After more than a decade in Australia’s highly competitive commercial property sector, Blair joined Colliers International NZ as Director in the Capital Markets team in April 2017.

Specialising in the sale of larger commercial assets and mixed-use sites around New Zealand, Blair brings a high level of energy and diligence to the industry. His extensive knowledge and educational background ensures he is well-equipped in progressing and developing the Capital Markets team.

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Previous Experience

From 2014 – 2017, Blair was Director and Head of JLL’s South Sydney office where under his leadership, the company  grew from third to first in the South Sydney market in both leasing and sales. In 2015 he was the company’s highest fee earner across the Australian industrial business. Blair specialised in the sale and leasing of larger industrial and commercial assets including mixed-use development sites within the South Sydney market.

Prior to this he was Head of Industrial, South Sydney at CBRE. While at CBRE, Blair won the prestigious Circle of Excellence Award twice for his performances and was highest fee writer in the South Sydney office in 2012 and 2013.

Peterken’s top transaction while in Sydney  was the 2014 sale of a 4.9ha business park in Rosebery, South Sydney to Meriton Group  for A$190,000,000

His two biggest leases were the single largest leasing transactions in South Sydney in their respective years. In 2011, he leased a Goodman-developed, 12,400sq m warehouse and office in Mascot to logistics company Toll, and last year, he leased a Meriton-owned 22,000sq m site in Pagewood to WSI Logistics.

 

A selection of notable sale transactions:

  • Sale of St Kentigern Girls School, Remuera - $40,000,000 +
  • The General  Buildings, 29-33 Shortland Street, Auckland - $42,000,000
  • 110 Symonds Street, Auckland - $38,500,000
  • 1-55 Rothschild Ave, Rosebery - $190,000,000
  • Central Park Business Park,  Greenlane - $209,000,000
  • Bunnings Hamilton South - $25,100,000
  • The Warehouse, Blenheim - $16,380,000
  • NZI Centre, Auckland - $63,000,000
  • Royal Heights Shopping Centre, Auckland - $17,000,000
  • 75 Karangahape Road, Auckland - $23,300,000
  • 5 Nelson Street, Auckland - $9,000,000
  • 66-80 Broadway, Newmarket - $65,000,000

 

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Gareth Fraser

Auckland Director - Investment Sales

Auckland CBD

Gareth leads Colliers International's Investment Sales team. The team operates across the entire Auckland market from four strategic locations; CBD (including city fringe), South Auckland (based in Highbrook), West Auckland (based in North West Shopping Centre) and North Shore (based in Takapuna).

This is a large team of brokers and support staff focussed on providing solutions to owners, investors, developers, owner-occupiers and tenants. It features a specialised site sales team focussed on residential land and development opportunites. Investment Sales also includes the syndication division, offerring proportionate ownership opportunities to investors on behalf of clients.

Gareth is also on the Executive Team for Colliers in New Zealand.

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Josh Coburn

Director | Site Sales

Auckland West

Tenacious, personable and driven, Josh Coburn draws on 16 years' experience in New Zealand's property sector in his role as Director of Site Sales at Colliers International. His key focus and passion are delivering quality development opportunities to the market and acting as a partner in the development process to see projects come to fruition.

Futhermore, Josh is the General Manager of Collier's West Auckland Business, overseeing 5 brokers in a rapidly emerging Metropolitan market.

Josh re-joined Colliers International in 2015 after four years working as the Development Manager for Haydn & Rollett Construction - a role in which he focused on development of commercial and industrial properties joint ventures, and commercial-scale residential opportunities.

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