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Blank canvas in Auckland's CBD for sale by auction - Colliers

Contributor:
Fuseworks Media
Fuseworks Media

A rare vacant development site near the heart of Auckland’s CBD, with resource consent in place, is for sale by auction.

Colliers International has been exclusively appointed by the first mortgagee to market 29-31 Anzac Ave for sale by auction at 11am on Wednesday 26 August, unless it is sold earlier.

The 757sq m landholding is conveniently located on three freehold titles at the northern end of Anzac Avenue, a short walk from Britomart and the University of Auckland.

Business City Centre zoning allows for intensive development of up to 50m in height, with a wide range of permitted uses including residential, short-stay accommodation, office, retail or a mix of these.

Gareth Fraser, Auckland Director of Investment Sales at Colliers, says vacant development sites rarely come up for sale in such a central location.

"This is a superb opportunity to develop a blank canvas in Auckland’s CBD, or to land bank at a favourable time for borrowers, as interest rates remain very low."

Fraser says the northeast-facing site is superbly located on the western side of Anzac Ave, near the corner of Beach Road, offering excellent access to downtown amenity.

"Auckland’s premium downtown entertainment hotspot and transport hub, Britomart, is located just 350m from the site.

"Queen Street, Commercial Bay, Spark Arena, the Auckland Ferry Terminal and Viaduct Harbour are all within a short walking distance.

"The site is also close to the University of Auckland, in a location that has seen a number of new student accommodation and apartment developments in recent years."

Fraser says the property’s excellent access to amenity is matched by its connectivity.

"As well as abundant public transport options, the site is located only a short drive from the Stanley Street motorway interchange, providing access north, west and south."

Tony Allsop, Director of Colliers’ Auckland Investment Sales team, says a new owner could pursue many development options.

"The excellent location and flexible zoning make it suitable for a wide variety of uses, including a mix of accommodation, office or retail.

"Resource consent was recently approved for a 16-level, 7,122sq m hotel development with 179 rooms.

"The site was also previously consented for various residential schemes, including apartment developments of between 79 to 91 units.

"Developers could pursue a number of accommodation options including a hotel, build-to-rent residential, apartments or a combination of these.

"The site’s proximity to the University of Auckland also makes it an attractive prospect for purpose-built student accommodation.

"With almost 25m of street frontage, and a depth of 30m, the site is also well suited to retail on the ground floor with a mix of uses above."

Colliers Broker Matt Plowman says the property is set among high-rise residential apartments, retail shops and office buildings.

"The regular shaped site has been excavated and is currently vacant, with just a small concrete structure left as a reminder of what was once Waterfront Union House."

Plowman says it is rare for a CBD property of this calibre to be offered for sale.

"On the market as a mortgagee sale, the property offers a clean slate that is sure to attract developers or land bankers seeking flexible options in a superb central location."

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