‘As is, where is’ sale campaign opens doors in Freemans Bay
An apartment complex for sale in one of Auckland’s most desirable city-fringe neighbourhoods carries the option to redevelop the site with more intensive housing.
The 2600sq m site with multiple street frontages in Freemans Bay was developed with 12 two-bedroom apartments in the 1980s, long before the city’s current drive towards greater residential intensification.
The complex now has various defects in need of remediation, with fully consented plans in place for the necessary works.
It is being offered for sale “as is, where is,” allowing buyers the option to repair and reinstate the existing complex, landbank, or redevelop, taking advantage of the highest-density residential zoning under Auckland’s Unitary Plan.
The freehold property at 8 Pratt St, Freemans Bay, is being marketed through James Were and Cameron Melhuish of Bayleys Auckland Central. Sale is by tender closing on Tuesday, October 10, unless sold prior.
The three-storey complex comprises 12 fully self-contained two-bedroom apartments, each of which spans approximately 65sq m and comes with its own carpark.
The lower levels enjoy private courtyards while upper residences have private decks and views. Additional on-site visitor parking is also available.
Some apartments are owner-occupied while the rest are rented, each returning $580-$680 a week.
Were said each unit was individually unittitled. It’s intended to collapse the existing arrangement and provide a new owner with a single freehold title on settlement.
The property is well suited to residential development, with extensive frontage to Pratt, Hepburn and Anglesea streets. It is flanked by Freemans Bay Park to the east and Harry Dansey Park to the northwest.
“The sizeable underlying landholding is zoned Residential–Terrace Housing and Apartment Buildings. Designed to enable a greater intensity of development than previously, this zoning allows the greatest density, height and scale of development of all the unitary plan’s residential zones. This opens the way for buildings of up to 16m, or between five and six storeys,” Were said.
Melhuish said the opportunity to unlock the site’s full potential was sure to ignite keen buyer interest. “This is an underdeveloped freehold site of significant scale in one of the most desirable residential locations on Auckland’s city fringe. Current and proposed planning provisions make the property ripe for significant intensification, while the existing complex offers a new owner the chance to generate holding income while they work up their plans.”