Large Orewa block by beach
The level 1.19ha property has resource consent for a retirement village, reports Colin Taylor
Abig flat coastal property only 200 metres from Orewa Beach north of Auckland is for sale with resource consent in place for a 109-unit retirement village.
“It’s ideally located at the northern end of Orewa, only 1km from the town centre,” says Josh Coburn, site sales director for Colliers International who, with colleague Cherry Higginson is marketing 488 Hibiscus Coast Highway for sale by an expression of interest campaign closing at 4pm on Thursday, May 24, unless it sells earlier.
The 1.19ha freehold property, featured in the latest Colliers Portfolio publication released yesterday, is only half an hour’s drive from the Auckland CBD, Coburn says.
“This sale represents an exceptional opportunity to acquire a large development site in one of Auckland’s most sought-after coastal communities,” he says.
Orewa Beach is a level 200m walk away from the property via a path that runs alongside Nukumea Stream, allowing residents to safely cross Hibiscus Coast Highway under a bridge that spans the stream.
“The current consented scheme allows for a wheelchair-suitable track running alongside the stream,” Coburn says.
On the other side of Nukumea Stream is the Alice Eaves Scenic Reserve encompassing 16ha of virgin native bush with an historic pa site among the stands of kauri and broadleaf trees.
Coburn says the property for sale has excellent views over the reserve to the northwest and a multi-level development would have sea views to the east from the first floor and above.
Vehicle access is via Annelise Place, a cul-de-sac to the west of the Hibiscus Coast Highway — with both roads providing pedestrian access.
Coburn says the surrounding area is predominantly residential and has undergone significant development in recent years.
“The site is only two blocks from Kensington Park — a 15.8ha masterplanned residential development,” he says.
“The site’s level contour and easy access make it readily developable, while its Mixed Housing Urban zoning permits a wide range of potential uses.
The irregularly shaped site is connected to all major utility services including electricity, water, telephone and sewerage.
“Developers could choose to adopt the consented retirement village plans or draw up their own masterplan; while long-term investors and land-bankers could draw on about $180,000 in annual holding income from two blocks of flats on the property.
“With coastal development land becoming scarcer in desirable locations like Orewa, this is a rare opportunity to capitalise on strong market demand for quality residential lifestyle developments.
“Ryman Healthcare and Hopper Developments have recently developed retirement villages in the area and the property adjoins a number of single-level retirement units on Annelise Place, built by the vendor.”
Higginson says the site is also home to Rose Cottage — a heritage listed building that would be relocated and repurposed as a library and reading area under the consented development plan.
“Under the consented plan, one, two and three-bedroom apartments would have open-plan kitchen and living areas with covered decks,” she says.
“Lifts and stairs would provide easy access between floors and all communal areas would be air conditioned. The entire building would be equipped with fire sprinklers and have basement car parking.”
Higginson says the property’s Mixed Housing Urban zoning under the Auckland Unitary Plan allows for reasonably high intensity development — typically up to three storeys.
Higginson says the property is convenient to shops, medical centres, schools and sports clubs.
“Adjacent historic Orewa House is home to a range of health and beauty practitioners, as well as the Walnut Cottage Cafe,” she says.
“Numerous retail shops — including banks, eateries and boutiques — are located nearby in Orewa’s town centre, primarily along the Hibiscus Coast Highway and its side streets, including Hillary Square.”
The nearest large-format retailers are in Silverdale, some 6km away, including Pak’nSave, Countdown, Bunnings and The Warehouse.
Silverdale Mall, which is opening in stages this year, will have 27 shops anchored by a full-format Farmers store while Wainui Golf Club is only a few minutes’ drive over the hill.
Regular bus services run between Orewa and Auckland CBD, which is within 30 to 35 minutes’ drive out of peak hours.
Higginson says traffic in Orewa has been greatly improved by the extension of State Highway 1 to Puhoi via the Johnstone Tunnels.
“This has bypassed most of the traffic between Auckland and Northland away from the township.”
Tim Lichtenstein, Colliers’ capital sourcing director, says developers looking to unlock the site’s potential can draw on the agency’s expertise in matching investors with projects.
“We have long-standing relationships with client investors, which allows us to source capital for development projects of all sizes, either in the form of debt or equity. Our capital sourcing services are essentially an alternative to bank funding.”
Lichtenstein has an extensive track record in capital raising for commercial real estate assets, including more than $400m raised in property syndications.
He says demand for property in Orewa remains buoyant.
“Orewa’s continued popularity means demand for the Hibiscus Coast Highway property is likely to be strong.”