Mortagee sale could be a development opportunity
large residential development site in Mangere Bridge is being marketed by CBRE via a mortagee sale. The 3.452ha partially developed block, at 117 Coronation Rd, comprises 23 terrace homes and three undeveloped parcels of land.
It is being sold by CBRE’s Jonathan Ogg and John Bedford as sole agents and is offered for sale by mortgagee tender, by way of public tender closing on August 10.
Bedford says the property at 117 Coronation Rd is expected to attract strong interest as one of the first mortgagee sales in the current cycle.
“This is a good opportunity to pick up a partially consented development, which is ready to go in phases, in a very desirable part of Auckland. With existing homes already built and a lot of the planning work already achieved, the site offers an immediate momentum and options for a staged project as the market demands.”
Bedford says the site has easy access to the South- Western motorway, making the CBD about 20- minute drive away via the recently opened Waterview Tunnel and to the south: Auckland Airport is less than 10 minutes’ drive.
“This site is tailor made for living, being within seven minutes walk to Mangere Bridge Village, with a great supply of cafes and local shops.
“The popular Mangere Bridge School only 500 metres away. There’s no shortage of recreation opportunities either, with open green spaces around Mangere Mountain on the doorstep and walking tracks along the shores of the Manukau Harbour close by.”
The site was believed to have previously been used for horticulture and quarrying, before being repurposed for residential use in recent years.
There are 23 terrace houses built along with a landscaped community playground as part of the existing masterplan.
The remaining developable area is generally flat and spread over three lots, allowing a staged approach as needed.
Each lot is zoned mixed housing suburban allowing plenty of scope for medium to high density dwellings in a range of forms ( apartments, detached and terrace houses).
Lot 1 comprises 1.3108 ha of land located to the north of the completed first stage of the project and resource consent has been granted for a further 41 terraced style houses.
Lot 2 is the largest development block ( at 1.5531ha) and is immediately adjacent to Coronation Rd.
Lot 3 lies to the south of the existing developed housing and offers a developable land area of 5,881sq m.
Jonathan Ogg from CBRE says all three lots offer immense potential to make the most of planning to date, along with existing amenities and infrastructure delivered to the site.
“This is a spacious landscaped set- ting that offers multiple options and flexibility for an incoming investor or builder to hit the ground running and provide dwellings in a market starved of quality housing,” says Og.
Two terraced style three- bedroom houses with 174sq m of land each are also included in the offering.
Ogg says the completed homes provide the opportunity to utilise one as a show suite and one as a site office for the ongoing development, or to dispose of them at the purchaser’s discretion.
According to REINZ figures the average residential sale price in Mangere Bridge rose by 8.3 per cent in the year ended December 2016.
Bedford says with strong growth likely to continue there’s much to like about the offering.
“Mortgagee sales of this calibre and potential are few and far between. Situated on a large site in such a high growth area, an incoming purchaser could take this opportunity and really make it their own.”