Urban block on the market for sale
A large swathe of suburban development land described as “a textbook example” of Auckland’s residential intensification has been placed on the market for sale.
The Massey property encompasses 11,590 square metres of land spilt over two titles and zoned Mixed Housing Suburban under the Auckland Council Plan.
The land has dual entrances – off Don Buck Road and Tiriwa Drive - and is being offered with an option to buy one or both titles, leaving space to explore what the combined sites could potentially encompass.
The property at 64 Don Buck Road/29 Tiriwa Drive is now being marketed for sale by tender through Bayleys Ponsonby, with tenders closing on July 16. Salespeople Jock Kooger said the ridge-top block was “a textbook example” of how the city’s older housing stock was being replaced to reflect a new type of dwelling more in line with the demands for this great location.
“The block is a unique one in which you the view and also very good holding income, from the 4 houses on it. And I’m looking forward to seeing how this site will be transformed with the possibilities of a high density model over the 1.15ha site” said Mr Kooger.
“The Auckland Unitary Plan opens up some interesting options for sites over 1ha, so one shouldn’t overlook a terraced housing model with the demand for more affordable housing in the area.”
Auckland Council’s residential Mixed Housing Suburban zone is the most widespread residential zone covering many established suburbs and some greenfield areas in the metropolis.
“The zone enables intensification, while retaining a suburban character. Development within the zone will generally be two storey detached and attached housing in a variety of types and sizes ideal for families and first home buyers. The height of permitted buildings is the main difference between this zone and the Residential – Mixed Housing Urban Zone which generally provides for three storey predominately attached dwellings.”
The large Don Buck Road site currently sustains three individual residential dwellings – ranging in size from two-bedrooms up to ninebedrooms, and generating a weekly income of $2,080. Plus there is a fourbedroom brick home on 29 Tiriwa Dr with an estimated rental appraisal of $750 per week, providing a total forecast income of just over $147,000 per annum.
Mr Kooger said the property has proposed plans for 25 lots that could accommodate large five bedroom standalone homes, however, with the regulatory rules allowing for far greater density on such sized sites under this zone, he is expecting to see someone maximise the opportunity at hand.
“The holding income from the current residential tenancies in place will allow any potential new owner the time to develop an alternative subdivision proposal which could look at the block’s potential in its entirety,” he said.
The property’s location has it surrounded by multiple parks – including Helena Park, Woodside Reserve, Te Rangi Hiroa Park and Zita Park.