Corner site has potential
A large corner site in the central Auckland suburb of Royal Oak is for sale, offering a range of development options.
Located at 880-882 Manukau Rd and 108-110 Trafalgar St, the offering encompasses 3131sq m of land with 10 tenancies spread over eight residential units providing considerable holding income.
The site is zoned Terrace Housing and Apartment Buildings (THAB), which permits the greatest density, height and scale of development of all of Auckland’s residential zones.
Buildings up to 16m high could be possible on the property, says Bayleys’ Auckland city and fringe division director Alan Haydock, who is marketing the property with colleague Damien Bullick.
“The key value proposition of these properties is the substantial underlying fee simple land holding on a high profile, favourably zoned corner site in a popular central Auckland fringe suburb,” says Haydock.
He says a site overview by planning and resource consent consultancy Mount Hobson Group indicates a variety of potential developments.
These include a four to six-level apartment block with a 1560sq m footprint and potential for 70 to 90 units, or a three- to four-level terraced housing complex of between 18 to 24 units split over two blocks”
Uses as of right under THAB zoning include residential, visitor accommodation, boarding houses, childcare and healthcare facilities.
The two properties are for sale by tender together or individually closing at 4pm, Tuesday, March 10, unless sold earlier. They comprise:
• 880-882 Manukau Rd: A 1545sq m site with four standalone buildings spread over two fee simple titles with five tenancies. 880 Manukau Rd has a two-level building at the front, split into two units of five and three bedrooms. At the rear is a three-bedroom standalone dwelling. 882 Manukau Rd is right on the corner and has a threeto four-bedroom dwelling plus another three-bedroom house.
• 108-110 Trafalgar St: This is a block of three adjoining brick units plus a five-bedroom standalone brick house on one fee simple title of 1586sq m. 108 Trafalgar St comprises two two-bedroom units plus a threebedroom unit. “These units have been refurbished and benefit from car parking and additional storage at the rear of the block,” says Bullick. “The neighbouring property at 110 has offstreet parking at the front and a large, flat back yard which could lend itself to more intensive development at some stage.”
Bullick says a selection of units are being kept vacant, to provide greater flexibility for the next owner. However, fully leased the properties have been generating annual income of about $265,200 gross, with an OPEX schedule available on request.
“Purchasers are being offered an attractive income stream spread across a variety of tenancies, or alternatively a considerable holding income while a full or partial development plan is enacted.”
He says the property is handy to public transport and offers easy access south to Auckland airport and north to central Auckland.