Racecourse land good bet for developing up to 550 homes
One of the largest parcels of greenfield development land left in central Auckland is being released to the market through CBRE.
Known as The Hill, the approximately 6.4ha block at the eastern end of Ellerslie Racecourse on Ladies Mile is to be subdivided from the racecourse by its owner, Auckland Racing Club. The site is for sale by expressions of interest closing at 4pm on August 12.
CBRE senior director John Holmes, who is marketing the property with executive chairman Brent McGregor, says the subdivision and sale of the land is a tremendously exciting opportunity to deliver an exemplary large-scale residential development.
“This massive, premium landholding will be considered a once in a lifetime opportunity by residential developers, both in terms of its scale and location.
“It is perfectly positioned adjoining Ellerslie Racecourse on the edge of the suburb of Remuera, offering expansive views and an elevated position,” Holmes says.
Several characteristics of the site make it ideally suited for a master-planned residential community development featuring a range of housing types, including potential retirement village development, McGregor says. “This site is located just 10 minutes’ drive from the Auckland CBD and seven minutes from Newmarket, as well as within easy reach of Remuera and Ellerslie villages, the Southern Motorway and Greenlane train station.”
The site is expected to be able to accommodate somewhere between 400 and 550 homes, with a diverse range of housing types.
A northwest aspect provides excellent sun, while the elevated position provides an outlook over the racecourse to Auckland City and volcanic cones including Maungakiekie One Tree Hill and Maungawhau Mt Eden.
“As part of Ellerslie Racecourse, the site is currently zoned Special Purpose – Major Recreation Facility under the Auckland Unitary Plan.
“However, the club intends to seek permission to pursue fast-track consent under the Covid-19 Recovery (Fast-track Consenting) Act 2020, which would streamline the pathway to eventual construction for the purchaser,” Holmes says.
With the Auckland residential property market one of the hottest in the world, the land offers strong potential for a domestic or offshore-based developer to construct a large, staged-release residential project and add much-needed quality housing stock into the central Auckland market, McGregor says.
“The extremely strong demand in the Auckland housing market means developers are competing to secure development sites.
“The scarcity of large-scale development land in the more centrally-located suburbs mean this site is likely to be viewed as an unmissable opportunity by those developers with the scale and resources to plan, consent and execute a significant housing project.”
Central Auckland residential real estate is recognised globally as a high-demand market displaying historically strong value appreciation.
Average house prices grew by 36 per cent in Remuera and 26 per cent in Ellerslie over the 12 months to June 2021, according to REINZ statistics.
“The site presents an opportunity to capitalise on the strong growth in house prices in neighbouring Remuera and appeal to aspirational home buyers,” says Holmes.