Chance to grab a city fringe site

5:00 AM Saturday March 19, 2016 True Commercial

An aerial view of the Grafton site for sale identified by a red border.

Commercial property specialists JLL and CBRE are calling for expressions of interest on a 3000sq m piece of freehold land on the Grafton Ridge.

The site at 121 Grafton Rd has resource consent for an 8251sq m building up to 21 metres in height, with 114 car parks. Expressions of interest close on April 7, 2016.

JLL’s Managing Director Nick Hargreaves is leading the campaign in conjunction with senior director Warren Hutt of CBRE. Hargreaves says the land is in an area of Auckland that’s right for intensification.

“It’s in the middle of Auckland’s key infrastructure so access to the motorway couldn’t be better. The City Rail Link will bring new stations at Karangahape Rd and Aotea Square, making this property even more accessible,” he says.

The corner site is metres away from Auckland Hospital, handy to The Domain and a short walk from Auckland’s universities.

It was once home to a motel and more recently was slated for student accommodation, but the current owners’ plans have changed.

The land is zoned for Mixed Use, which provides for residential activity as well as smaller scale commercial activity.

The zone is typically located around centres and along high frequency public transport routes. It applies to areas where there is a need for a compatible mix of residential and employment activities.

“Now the question is whether 121 Grafton Rd is best for apartments, a hotel, student accommodation or a mixed-use office development.

“We’re looking forward to the market telling us what the best option is through the expressions of interest process,” Hutt says.

Projections forecast a growth of 48,340 people in the usually resident population of Auckland’s City Centre between 2013 and 2043, representing massive growth of 146 per cent.