Epsom development or land bank prospect

3:32 PM Friday February 16, 2018 True Commercial

The villa on its substantial section at 218 Great South Rd, Epsom. Photo / Supplied

The sale of an Epsom property on Great South Rd is being promoted as representing an opportunity for developers or land bankers.

Investment sales brokers Simon Child and Gareth Fraser of Colliers International are marketing 218 Great South Rd for sale by auction on March 14, unless sold earlier.

Child says it offers owner-occupiers, developers and land bankers a strategic landholding in an city fringe location. “This is the chance to acquire a substantial 1287sq m landholding in the coveted double Grammar school zone.

“Originally constructed in the 1930s, the property comprises a 124sq m two-level bungalow-style villa situated on two freehold titles.

“It was tenanted by the Auckland District Health Board for the last 13 years, but is now available with vacant possession.”

Child says the property benefits from 35m of prime street frontage and dual access to Great South Rd, with a large gardened area at the rear.

“The property presents well, both externally and internally, offering buyers increased flexibility for future use or redevelopment.”

Fraser says the property is in the highly sought-after Auckland Southern Corridor — a main arterial route connecting the nearby suburbs of Newmarket, Remuera, Greenlane, Ellerslie, Penrose, and Onehunga.

“Situated adjacent to the Southern Motorway, the property benefits from excellent exposure to a high volume of passing traffic,” he says.

“Local amenities include cafes, restaurants and nearby schools Auckland Grammar School and Epsom Girls Grammar. It is also well served by public transport, being within walking distance of both Remuera Train Station and bus stops for the services that run along Great South Rd to and from the CBD.

“The property also has easy access to the Southern Motorway.”

Fraser says Newmarket to the north is undergoing significant growth while the immediate suburbs of Epsom, Remuera and Greenlane continue to flourish.

Zoned Residential Terrace Housing and Apartment Buildings under the Auckland Unitary Plan, the property allows for great flexibility and future residential redevelopment potential. “The purpose of the zone is to make efficient use of land to increase the capacity of the housing. It provides for the greatest density, height and scale of development of all the residential zones,” Fraser says.

Buildings up to five, six or seven storeys can be permitted, depending on the scale of the adjoining zones.