Prime Remuera consented development site for tender
A large freehold development site in Remuera, with resource consent and comprehensive plans for a premium townhouse project, has been placed on the market.
The Residential-Mixed Housing Suburban-zoned 4246sq m landholding at 70 Middleton Rd enables intensification while retaining a suburban character.
Resource consent is in place for 15 upmarket two and three-bedroom townhouses, variously configured over two or three levels, with carparking.
Renders show a tasteful development orientated to take advantage of the natural features of the site and empathetic to the surrounding environment.
In response to the Government’s urban development stance to allow even more intensive development and a higher allowable build height of 16m in and around certain neighbourhood, local and town centres, the property’s zoning is proposed to be upgraded to Residential-Terrace House and Apartment Building.
Falling within the double grammar zone for secondary schooling and within walking distance of Newmarket, the site has a north-facing aspect with elevated water, park and city views and is neighboured by quality homes.
“Residential sites of this scale don’t often come up for sale in Remuera. As this one has resource consent plus in-depth design plans, we expect it to be popular with a range of developers,” said Damien Bullick of Bayleys Auckland.
He is handling the tender campaign with colleague Alan Haydock.
“The site offers opportunity for immediate development or strategic landbanking and experienced operators in the market will recognise the inherent upsides of both the location and the fact that a lot of the hard work has already been done in obtaining the resource consent and having welladvanced working plans.
“Remuera has seen minimal value dips despite a nationwide softening of the residential market and remains a sought-after area for buyers given its locational and reputational advantages.”
The existing zoning and proposed development plans work well for the site, but Bullick said some may see tangible upside in the proposed higher-density zoning. “The zoning uplift may make the proposition more appealing for some developers.
“However the consented plans for just 15 high-quality well-positioned townhouses will provide less-intensive options and a more boutique offering which we’d expect to resonate with the market.
“A new owner can take advantage of the work done to date and capitalise on this ready-to-go development, or alternatively tailor and revise the consent to suit their requirements.”
On the border of Newmarket and Remuera and a short walk from Parnell, the property is also close to motorway onramps, hospitals and Auckland’s CBD.
The immediate locality is characterised by predominantly large character family homes, along with some smaller modern residential developments.
70 Middleton Rd, Remuera, will be sold by tender closing
4pm, Tuesday March 7, unless sold prior.