Mixed use development site in fast-growing city fringe precinct
A substantial development site for sale in Mount Eden’s fastest growing precinct boasts a superb Auckland city fringe location within the coveted Auckland Grammar School zone.
Colliers International has been exclusively appointed to market 34 Edwin Street for sale by deadline private treaty closing at 4pm on Thursday, 5 October unless sold prior.
The 2,972.4sq m freehold property is only 500m from the Mount Eden train station, which is set to become a major inner-city transport hub once the City Rail Link is completed.
Colliers International Capital Markets Director Jason Seymour says developers will not want to miss this outstanding opportunity to acquire a substantial city fringe landholding with abundant potential.
“This is one of the largest development opportunities in Mount Eden, which boasts some of New Zealand’s highest house values,” he says.
“The site is in the heart of a growing pocket precinct that is home to numerous high-quality apartments, terraced houses, offices, cafes and bars.
“It is within easy walking distance of Newmarket and Auckland’s top public and private schools, and is zoned for Auckland Grammar School.
“Located next to Mount Eden’s premier commercial hub, Eden Business Park, the site provides exceptional scope for commercial, residential or mixed use development.”
Seymour says the property is nestled in the centre of Mount Eden’s fastest growing precinct.
“The area is home to iconic businesses such as the Horse and Trap, while a number of funky new businesses have also opened recently, including the Brothers Beer Juke Joint and the Good Home pub.
“The locale is in the midst of a high-quality residential development boom, typified by the Botanica and Botanica Heritage apartments under construction nearby.
“The area really is a great little pocket of urban regeneration.”
Seymour says the vacant development site is currently used for on-grade carparking, offering an estimated average monthly holding income of some $10,200 plus GST.
Zoned Business Mixed Use under the Auckland Unitary Plan, the property is suitable for residential, office and retail development.
“The site originally formed part of the Eden Business Park – a landmark commercial development that has been home to some of Auckland’s best-known corporate tenants since development began in 2001,” Seymour says.
The business park comprises five commercial developments and a purpose-built car parking building, offering approximately 18,926sq m of lettable retail and office space.
Seymour says there is high demand for substantial development sites in the area, but it is becoming increasingly difficult for developers to purchase or aggregate large bare land parcels.
“This site’s location on the city fringe, only 3.5km from Auckland’s CBD and less than 2km from Newmarket, makes it particularly desirable,” he says.
“It is conveniently close to local motorway interchanges and only a few minutes’ walk from the Mount Eden train station.
“The area will benefit greatly from the massive public infrastructure spend on the City Rail Link, which will double the number of trains on the network and reduce the travel time from Mount Eden to Britomart to under 10 minutes.”
Seymour says nearby Mount Eden Road is one of the main arterial routes between the Auckland CBD and its central and southwest suburbs, and includes bus and cycle lanes.
Colliers International Capital Markets Director Blair Peterken says the area is a proven location for apartments.
“New apartment developments in the area command some of the highest capital values per square metre in Auckland,” he says.
“Several hundred high-quality apartments are currently under construction, many of which will be completed within the next one to two years.
“This will further cement Mount Eden as a great place to live and work.”
Peterken says Auckland’s residential property market is being driven by increasing population growth and stable mortgage interest rates.
Demand for CBD and city fringe apartments is increasing, and investors and owner-occupiers are all very active, says Peterken.
“In the past year, the Auckland apartment market has experienced consistent growth, with prices for existing apartments up 15 per cent in the year to February.
“The supply of new apartments in the Auckland market is expected to increase across all areas over the next couple of years.
“For properties like 34 Edwin Street, the future is very positive.”
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