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Development sites up for grabs in Ormiston – Receivers appointed

NZ_AucklandCBD_Communications_Development sites up for grabs in Ormiston  Receivers appointed

Two super lots and eight well-sized individual residential sections in the East Auckland suburb of Ormiston are being presented to the market for sale offering buyers the opportunity to secure development sites with established infrastructure in a rapidly growing area.

Colliers has been exclusively appointed by Calibre Partners, acting as Receivers of DDL Homes Ormiston Ltd (In Receivership and Liquidation), to market the sites for sale.

Located at 397 Ormiston Road, Super Lot 800 measures 5,993sq m and the neighbouring Super Lot 801 spans 5,460sq m. The eight individual titles, which sit at the rear of Lots 800 and 801, range in size from 400sq m to 434sq m, providing a significant combined landholding.

The two super lots are zoned Residential – Terrace Housing and Apartment Buildings Zone under the Auckland Unitary Plan, while the eight individual lots are zoned Residential – Mixed Housing Suburban Zone.

The sites, which are located only 1km from the newly completed Ormiston Town Centre, can be purchased individually or as one super-sized offering, providing flexibility for prospective purchasers.

Colliers Directors Josh Coburn, Blair Peterken, and Craig Smith are conducting an expression of interest campaign and all offers will be considered.

Lot 800 has resource consent for 75 apartments and the site has been cleared and levelled with services to the boundary.

Lot 801 is consented for 79 apartments across six blocks and while construction has begun, it is incomplete. The new owner could potentially utilise parts of the existing construction, or it may need to be removed.

Coburn, Director of Site Sales at Colliers, says these sites represent an outstanding purchasing opportunity in a high-growth area.

“These properties sit within a 4ha development site that has already undergone substantial development, but they are waiting for a new owner to bring them through to completion,” Coburn says.

“The Receivers have made their instructions clear: Present all offers, and they will be considered as all parties are motivated to sell these sites.”

Ormiston and the neighbouring suburb of Flat Bush have undergone substantial growth during the past decade.

Flat Bush is a key Auckland Council transformation project and is intended to house approximately 40,000 people by 2025.

Census data from 2018 notes that within its primary catchment, Flat Bush had a population of 18,972, an increase of 76 per cent from the 2013 Census, or 11.9 per cent per annum.

This growth far exceeds that seen elsewhere in Auckland and wider New Zealand and supports the significant investment made by Auckland Council.

Peterken, Director of Capital Markets at Colliers, says underpinning this growth is a strong residential catchment with home ownership rates sitting at approximately 65 per cent.

“Alongside its positive home ownership rate, homeowners have benefited from 5.6 per cent annual house price growth over the past five years and 7.1 per cent across the prior 12 months,” Peterken says.

“The Real Estate Institute of New Zealand reported an average house price of $1,510,000 in May 2022 within the Flat Bush suburb.”

Craig Smith, Director of Site Sales at Colliers, says sites that are zoned Residential – Terrace Housing and Apartment Buildings Zone are particularly appealing for developers given the flexibility on offer to create a high-density development that will generate strong interest in Auckland given the ongoing housing shortage.

“The two super lots present developers with the opportunity to secure a prime site in an area of Auckland that is enjoying significant investment and growth,” Smith says.

“Meanwhile, the eight individual titles are perfectly positioned to be developed and will be highly appealing for buyers who will have the opportunity to create something special on a blank canvas in an area surrounded by a range of amenities.”

To view more investment opportunities use our property search here.


Related Experts

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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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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Craig Smith

Director | West Auckland

Auckland West

Craig is a member of the West Auckland Investment Sales team. He specialises in the acquisition and disposal of office, retail, industrial and land assets.

Craig brings with him a strong talent for building rewarding and trusting relationships with his clients and property investors. It is this talent that allows Craig to foster exceptional relationships within the Auckland property market.

Craig joined Colliers in 2015 with five years agency experience in the West Auckland market where he worked as a broker for a large international agency. He relishes the opportunity to build on his past results and to continue his professional service to all of his clients.

Since beginning with Colliers, Craig has continued to exceed his clients expectations with his attention to detail, unrivalled local knowledge and relentless competitive spirit. With these key attributes, Craig has quickly established himself as one of the leading brokers of Colliers West Auckland.

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