Site could be turned into hundreds of new homes
A substantial tract of residential land held in multiple titles with the potential to be developed into hundreds of new homes or apartments is for sale.
The land, which is near Westgate town centre, in Auckland, has been subdivided into 11 ready-to-develop lots that are for sale either individually or collectively.
The lots are zoned Residential Terrace Housing and Apartment Buildings under the Auckland Unitary Plan, allowing for intensive development of up to 16m in height.
New owners could explore a range of options, from a boutique development on a single lot through to a staged, master-planned residential, retirement or multi-level apartment development over the entire site.
Colliers International has been appointed to market the land at 28-44 and 50-66 Westgate Drive for sale by way of an expressions of interest campaign. Offers close at 4pm on Thursday 23 July, unless the property is sold earlier.
Blair Peterken, director of Colliers’ capital markets team, says the land has favourable high-density zoning and is close to major ammenities, such as Northwest Shopping Centre and Westgate Shopping Centre.
“The 11 freehold titles are available for sale either together or as any combination of individual lots, with sizes ranging from 1,968sqm to 45,569sqm,” he says.
Josh Coburn, site sales director at Colliers International, adds: “The Northwest has undergone a remarkable transformation in recent years as the key areas of Hobsonville Point, Whenuapai and Red Hills have become hubs for large scale residential development."
Some of New Zealand’s largest listed property companies have substantial investments in the area including Kiwi Property Group, which owns Westgate’s Zone 7, and Stride Property, owners of the Northwest Shopping Centre.
To date, public and private sector investment in the Westgate area is in excess of $1 billion.
Once completed, Westgate is expected to create 10,000 new jobs and house 4,000 new residents.
Westgate’s masterplan includes some 6ha of public open space, including parks and walkways. Public amenities include a new 3,500sq m library and community centre.