Bayleys’ top tips on Auckland ‘hot spots’
The Wynyard Quarter and Auckland CBD waterfront are among the ‘hot spots’. Photo / Incredible Images
The Wynyard Quarter, plus western and waterfront precincts of the CBD are on a list of Auckland ‘hot spots’ compiled by Bayleys.
The areas Bayleys tips as those to watch are:
- Wynyard Quarter: Bayleys national director commercial director John Church says there will more tangible evidence this year of what is potentially in store in this stunning waterfront location. “This is potentially the most exciting mixed use urban renewal project being undertaken in New Zealand and Auckland Council is to be congratulated for the exacting design and sustainability standards it has put in place in its determination to make this a world-class development,” says Church.
- CBD west and waterfront: The development of Sky City’s convention centre and new hotel and the almost complete redevelopment of one side of nearby Sale Street will add further impetus to the flourishing Victoria Quarter precinct, says Church.
- Precinct Properties decision to proceed with the $681 million development of a 39-level office tower, anchored by PWC, and a retail centre at its Downtown Shopping Centre site continues the trend of CBD tenant migration towards the waterfront, says Church. The retail centre, comprising around 100 shops, restaurants, cafes and bars set in a laneway environment, is scheduled for opening in October 2018, with the office tower likely to be completed around mid 2019.
- Fringe CBD suburbs: Bayleys undertook a record number of sales in 2015 in fringe CBD locations such as Grey Lynn, Newton, Grafton, Eden Terrace, Mt Eden and Newmarket as savvy add-value investors positioned themselves ahead of the increased development opportunities that will open up in these areas under the Proposed Auckland Unitary Plan. Height limits for Mixed Use zoned property will increase from 15 metres to between 16.5 metres and 32.5m and current floor area to land ratios will be removed, allowing for more intensive development.” A high level of purchasing activity in these locations is expected to continue this year in the countdown to the implementation of the new plan,” says Church.
- Northwest Auckland: The big clump of land referred to as the Hobsonville Corridor from Hobsonville Point to the Westgate Town Centre, and including new industrial subdivisions in between, is the city’s largest greenfields development location and growth area at present. Church says the completion of the new Western Ring Route will significantly improve the northwest’s connection to Auckland airport and south Auckland.
- South Auckland/North Waikato: Residential development in areas such as Flat Bush, Takinini, Papakura, Hingia (near Karaka), Drury, Pukekohe, Pokeno, Tuakau and Te Kauwhata is creating new commercial and industrial property opportunities.]
“There is a plentiful supply of land available for future industrial development south of Manukau with much improved motorway connections to Hamilton in particular making it an ideal distribution location,” says Church.
John Church, Bayleys.