Last freehold development site in Wynyard Quarter sold
The last sizeable freehold development site in Wynyard Quarter with holding income has sold for approximately $89 million to Mansons TCLM, with plans for development under way.
The 9793 sq m site spans an entire city block between Beaumont, Packenham, Daldy and Gaunt streets, and was purchased with existing resource consent in place for a substantial redevelopment.
Colliers’ Capital Markets team was exclusively appointed to market the property in a two-stage international expression of interest campaign that garnered significant interest from local and offshore parties.
Peter Herdson, national director of Colliers’ Capital Markets, says the enthusiasm for purchasing and unlocking the development site was enormous. “Opportunities to acquire freehold development land of this scale, and in such a sought-after location, are incredibly rare.
“Wynyard Quarter is one of Auckland’s fastest growing and most exclusive commercial and residential precincts. It’s already home to many of New Zealand’s largest corporations as well as award-winning residential developments and some of Auckland’s best hotels and eateries.
“While much of the CBD’s waterfront land is on leasehold tenure, this site holds the significant advantage of being freehold with favourable zoning and an existing resource consent. However, there is a possibility that the new owners will revisit the site’s potential and we could see a range of uses that complement the surrounding built environment.”
Mansons TCLM director Culum Manson says: “We are familiar with the opportunity that this strategic freehold land acquisition provides given our recent track record in the area. We are excited about unlocking the potential of the site and providing a suite of world-class premises for people to live, work and play.”
Richard Kirke, a director of Colliers Capital Markets, says the sale shows that demand for developable land in Auckland is extremely high.
“Colliers has transacted more than $500m in development land sales in Auckland in the last year since the first Covid-19 lockdown in March.
“We are seeing demand for development land outstrip supply across the market. Demand for land is broad-based, with residential, commercial and industrial land all strongly sought after.”
Jason Seymour, Capital Markets director notes Wynyard Quarter is highly sought-after by commercial developers. “The sale demonstrates robust long-term confidence in the market and is a real Council-led masterplan success story.
“Wynyard Quarter is Auckland’s newest waterfront neighbourhood going through one of the largest urban regenerations in New Zealand. The 37ha area is in a period of intense redevelopment, which has seen it transformed from a closed industrial area to a high-quality mixed-use precinct over the past decade.”
The transformation, led by Council’s development arm, Eke Panuku Development Auckland, is set to continue for at least another 10 years.
“Wynyard Quarter is one of Auckland’s fastest growing precincts.”