Prime waterfront site set for development
A major waterfront landholding with picturesque views is being presented to the market for the first time, offering buyers the chance to acquire a site that is perfectly positioned for a large-scale development.
246-266 Ōrākei Rd spans 11,087sq m and is located only 6km from Auckland’s CBD, while offering excellent connectivity with popular urban hubs Newmarket and Parnell.
Nestled in the Ōrākei Basin, the site is surrounded by sought-after amenities, including Ōrākei Bay Village, train station and Eastridge Shopping Centre.
Zoning is primarily Business–Mixed Use under the Auckland Unitary Plan.
Some of the city’s top schools, including King’s School, St Kentigern School, Victoria Ave Primary and Baradene College are located nearby. The property is surrounded by an abundance of parks, beaches and walkways, including Ōrākei Basin, Mission Bay and Kohimarama Beach.
Colliers directors Blair Peterken and Josh Coburn are taking expressions of interest with a deadline closing 4pm, Wednesday June 5, unless sold prior.
The property is being offered for sale under a pre-paid ground rent option for up to 175 years.
Peterken, director of capital markets at Colliers, says the location sets it alone as one of the most attractive development opportunities that will be presented to the market this year.
“Remuera is one of Auckland’s most sought-after residential locations. Any future development at this property will provide exquisite views across Hobson Bay and will benefit from the accessibility to the surrounding retail outlets, cafes, and restaurants,” Peterken says.
“The Ōrākei Basin provides locals with a playground for recreational pursuits, while the wider area is awash with green spaces.
“With the motorway network not far away, there’s a range of transport options and aside from being next to the Ōrākei train station, while there’s multiple bus routes servicing the locality.”
Coburn, director of capital markets and site sales at Colliers, says the site’s size coupled with its location and favourable zoning means there is considerable scope for a range of developments.
“Sites such as this one are rarely seen on the open market and there is currently no comparable offering available in Auckland, which should lead to strong interest among developers,” Coburn says.
“The landholding lends itself to being utilised for a major housing development or retirement village, but prospective purchasers may have other ideas in mind.”
Housing continues to remain in short supply across Auckland and a recent population spike driven by high migration figures and a lack of new dwellings has amplified the lack of housing options.
Data from Stats NZ notes Auckland’s population grew by 47,000 people in the year to June 2023, while the number of new homes built, according to Auckland Council, totalled only 15,263, leaving a potential shortfall of approximately 400 dwellings.
“With a site like this being unlocked for development, there is considerable potential to add to the housing supply Auckland is calling out for,” Peterken says.