Big Remuera block could suit retirement village

5:00 AM Wednesday September 21, 2016 True Commercial

The big undeveloped land holding could suit the construction of a retirement village.

Brokers say a large undeveloped parcel of land at Remuera could be a possible site for a future retirement village or an upmarket residential subdivision.  

The 15,418sq m freehold land holding at 12 and 46 Abbotts Way has a rating valuation of more than $12 million, says Bruce Jiao, Barfoot and Thompson commercial sales agent.

It is to be sold through a tender process, by Jiao and colleague Gary Seekup with the tenders closing on Thursday, September 29, at Barfoot’s North Shore Commercial office, 129 Hurstmere Rd, Takapuna.

Jiao says the land is in two titles and has double access to Abbotts Way.

“This land is a prime site for development. It is an unusually large site in one of the most sought-after suburbs of Auckland and is adjacent to the Koraha Reserve, owned by Auckland Council, along its eastern boundary.

“A resource consent was granted to develop the property under Residential 6A, of the previous Auckland Council Operative Plan – allowing for the creation of 30 residential lots.

“The land could be developed under this existing consent or an application might be made under the incoming Auckland Unitary Plan, Mixed Housing Suburban zoning which would allow even higher density.”

Jiao says Abbotts Way was named after RH Abbott, who purchased 100 acres from the St Johns Trust Board in 1917. That land was gifted to the city by Abbott, during World War I when it included Lake St John which was later drained to become Waiatarua Park. 

However, the property for sale was not part of that gift, and was owned by the same family for 66 years — from 1948-2014 — until it was sold to the present vendor.

“Remuera is arguably New Zealand’s most affluent inner-city suburb,” Jiao says.

“The suburb has numerous green spaces, parks and reserves which cannot be developed. Undeveloped residential land holdings of this size are now almost unknown so we’re expecting huge interest in this property from around the world.”