High density residential development site for sale

Media Release

13.5.2019

High density residential development site placed on the market for sale

The intensification of Auckland’s city-fringe is set to continue – with a large residential development site in Grey Lynn placed on the market for sale.

The 1,727 square metre block of freehold land at 667 – 671 Great North Road in the heart of Grey Lynn is zoned terrace housing and apartment building. It currently encompasses four residential dwellings operating as the administrative offices for a trio of second-hand car sales yards.

Auckland Council’s terrace housing and apartment land zoning allows for the intensification of land in the area – based on Grey Lynn’s proximity to the city, and the supporting town centre amenities. Depending on height-to-boundary controls and floor plans, apartment blocks of between five to seven storeys up to 16-metres high overall can be built in terrace housing and apartment zone land.

The land and vacant buildings at 667 - 671 Great North Road are now being marketed for sale by deadline private treaty through Bayleys Auckland, with offers closing at 4pm on June 6.

Bayleys Auckland salesperson Graeme Sun said the property was being sold with resource consent already granted for the construction of 62 one and two-bedroom apartments in blocks up to five storeys tall. The consent also allowed for the allocation of 46 basement car parks on the land which slopes gently up from its street frontage.

“As a main arterial route linking Auckland CBD with the city’s inner-west suburbs, apartment development ‘creep’ has been evident along Great North Road over the past eight years. Apartment blocks are now visible from the Ponsonby Road/Karangahape Road intersection right through to Grey Lynn, and this property will simply be an extension of that ripple effect as it continues to move west,” Mr Sun said.

“The Auckland Unitary Plan was the catalyst for the reconfiguration of inefficient land across Auckland – pushing for greater intensification of land as and when it came up for redevelopment. The 667 – 671 Great North Road site totally delivers on town planners’ visions for a more compact living format based around existing suburban centres.”

Mr Sun said that in addition to the ‘neighbourhood’ retail amenities available within the adjacent Grey Lynn high street precinct, 667 – 671 Great North Road was relatively equi’-distant between the hospitality hubs of Ponsonby, and Kingsland some 15 minutes’ walk in either direction, with Western Springs and Grey Lynn parks only a few hundred metres away on either side of the site.

Under the council’s zone definition, the site could also be developed as a boutique retirement village.

“With council consent already existing for the construction of 62 apartments, the opportunity exists for any new owner of the site to determine the ultimate price point for any resulting apartments,” said Mr Sun.

“That could be influenced by altering the number of dwellings - potentially adding three-bedroom configurations, and even penthouse suites to the mix, or alternatively building ‘entry level’ units targeting first home buyers and investors.

“With Grey Lynn village and its full range of retail amenities less than a kilometre away, all the social infrastructure is in place to mark the various ‘tick’ boxes required to initiate and underpin demand for the latest apartment development in the area.”

The Grey Lynn property derives $123,100 of gross rental income per annum from the various car sales dealerships on the site. The periodic leases for all tenancies are on termination notices ranging from 10 – 90 days.

“While the leases are all periodic, the tenants have each expressed their willingness to stay on the high-profile site for as long as possible – taking advantage of the high traffic volumes which travel along Great North Road which has a long history and reputation for sustaining used car dealerships,” Mr Sun said.

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