Grey Lynn development site
Agents describe a large Grey Lynn car yard site as primed for residential development.
The 1727sq m block of freehold land, 667-671 Great North Rd, is zoned terrace housing and apartment building. But at present it encompasses four residential dwellings operating as the administrative offices for a trio of second-hand car sales yards.
Bayleys Auckland is selling the land and vacant buildings by a deadline private treaty, with offers closing at 4pm on June 6.
Agent Graeme Sun says the Auckland Council Terrace Housing and Apartment Zone allows for intensification based on Grey Lynn’s proximity to the city, and the supporting town centre amenities.
Depending on height-to-boundary and floor plans, apartment blocks of five to seven storeys (and up 16m high) may be built within the zone.
Sun says the property has resource consent for construction of 62 one and two-bedroom apartments in blocks up to five storeys tall. This also allows for the allocation of 46 basement carparks.
“As a main arterial route linking Auckland CBD with the city’s innerwest suburbs, apartment development ‘creep’ has been evident along Great North Rd over the past eight years. Apartment blocks are now visible from the Ponsonby Rd-K Rd intersection right through to Grey Lynn. Development on this property could become an extension of that ripple effect as it continues to move west.”
“The Auckland Unitary Plan was the catalyst for the reconfiguration of inefficient land across Auckland, pushing for greater intensification of land as and when it came up for redevelopment.
“The site totally delivers on town planners’ visions for a more compact living format based around existing suburban centres.”
Sun says under the council’s zone definition, the site could be also developed as a boutique retirement village.
“With council consent already existing for the construction of 62 apartments, the opportunity exists for any new owner of the site to determine the ultimate price point for any resulting apartments,” says Sun.
“That could be influenced by altering the number of dwellings or building ‘entry level’ units targeting first home buyers and investors.
“With Grey Lynn village less than a kilometre away, all is in place for the latest apartment development.”
Sun says at present the property derives $123,100 of gross rental income from car dealerships on site. The periodic leases for all tenancies are on termination notices ranging from 10-90 days.
“The tenants have each expressed their willingness to stay as long as possible in Great North Rd, which has sustained used car dealerships for many years,”