Big New Lynn urban renewal site on market
Artist’s impression of proposed Crown Lynn Park with future 5 Clinker Place, New Lynn buildings in the background.
A large piece of Mixed Used land has been put on the market in New Lynn, West Auckland, presenting a significant opportunity develop a major urban renewal project in an area of Auckland that is attracting private and public sector funding and priority.
“This sale of the 5.68 hectares of land at 5 Clinker Place coincides with Auckland lacking large, vacant and ready-to-develop spaces,” says Brent McGregor, senior managing director of CBRE.
McGregor and Warren Hutt, senior director capital markets for CBRE, are sole agents to market the site in New Zealand and internationally on behalf of vendor Vuksich and Borich Limited and are selling it by way of private treaty, with a closing date of 4 pm on February 26, 2015.
McGregor says plans for the area envisage offices, shops, hospitality businesses and entertainment underpinned by residential development and a public transport network.
“It’s not just the physical size of this property that makes it so attractive, it’s the location and the priority that has been given to the area by the private, local and central government sectors too,” says McGregor
“As one of the country’s first transit oriented developments (TODs) based upon intensification and renewal, New Lynn is rapidly attracting retailers, commercial, residential and hospitality providers who are lining up to get here.”
McGregor says the property’s scale and zoning provisions offer considerable flexibility and potential for the developer who buys it.
“The site is earmarked for quality medium to high density development and offers a range of options for developers, investors and construction firms with the scope for a master planned, affordable residential and Mixed Use project.”
Hutt says the 5.6825 ha site at Clinker Place is vacant and ready to be developed for commercial and residential uses and adjoins an area of land proposed as the town’s new centrepiece, Crown Lynn Park.
“The neighbouring green space in Crown Lynn Park will provide the local workforce and residents with a common shared area for recreation in line with Auckland’s move to more compact living close to shops, cafes, work opportunities and entertainment.
“Clinker Place will set the standard for ‘smart growth’ and best practice for medium and high density modern living and work, based around smaller homes and better use of public transport,” Hutt says.
He says developers have had little in the way of large land options this close to town for some time now and Auckland Council has considerable motivation to ensure the Clinker Place development is successful.
“Central Government is also keen to get this project moving. With an L6 zoning providing for multi-level medium and high density mixed use and residential development, all the desired elements are in place to provide a foundation for a popular and well-regarded urban renewal project.”
There is current capacity for 9500 sq m of non-residential floor area on Clinker Place site under the operative zoning.
“However, to service the hundreds of homes that will be created for the development, the proposed Auckland Unitary Plan allows for an increase in non-residential activities through the Metropolitan Zone across part of the site, so that figure has the potential to be expanded,” Hutt says.
He notes there has already been strong commercial development activity in the area surrounding the land at Clinker Place and in wider New Lynn area.
“Kiwi Income Property Trust recently announced it will be investing $36 million in upgrading and expanding the LynnMall shopping centre with the inclusion of a Reading Cinema complex.
“The nearby Merchant Quarter apartment development has also sold down extremely well since 2013, providing a welcome boost of affordable homes to the New Lynn area.”
McGregor says Clinker Place has one of the best urban redevelopment locations in the Auckland region.
It has two road frontages from Margan Avenue and Astley Avenue with the possibility of a third from a proposed Memorial Drive extension.
“The site is just 200 metres from the New Lynn Train station, the New Lynn Commercial Centre and the LynnMall Shopping Centre,” McGregor says. “It is no more than a five minute walk from the new Transport Interchange and an 18 minute journey to the CBD. After the trains are electrified and the CBD Rail Link is complete, a trip to or from the CBD would reduce to an 11 minute connection.”
McGregor says New Lynn is one of eight prioritised Metropolitan Centres in Auckland and is receiving a high level of investment and focus as the southern gateway to West Auckland and the Waitakere Ranges.
“Unlike many other major mixed used development areas around the wider Auckland region, New Lynn is considered a prime city fringe location which adds to the appeal of the site.
“There’s an existing town centre, a sophisticated public transport network that has been heavily invested in by a number of motivated parties, and a mandate to build more commercial and residential spaces - and fast.”
“Due to the size and significant value of the site at 5 Clinker Place, we are presenting the sale internationally.” McGregor says.