Five house site ideal for high density development
Five adjoining houses, identified by a red border, are for sale as one development lot.
Five adjoining residential addresses in an Onehunga street are being offered for sale a single commercial development site suitable for the construction of a high density housing development.
The properties at 10, 12, 14, 16 and 18 Wade Avenue, Onehunga, are being sold as one parcel of land by public tenders closing at NAI Harcourts North Shore office at 128 Hurstmere Rd, Takapuna, at 4 pm on Thursday December 4.
“The properties are within a Special Housing Area [SHA] which is a location identified for fast-track development to boost Auckland’s housing supply,” says Rob Meister of NAI Harcourts North Shore who is marketing the offer with colleague Andrew Bruce.
The total site area is 3215 sq m over the five adjoining residential properties on the western side of Wade Avenue and is about 84 m wide by 40 m deep forming an almost rectangular total area.
Meister says they are located within the “Jordan Avenue SHA”, an existing residential area between Mt Smart Rd and Grey St in Onehunga. “This land is earmarked to be developed to contain up to 325 dwellings under the Auckland Housing Accord, which the council instigated alongside the government to plug Auckland’s housing shortage,” he says.
The properties are located to the north east of the Onehunga business district, 850 metres to the centre of Onehunga Mall and 1.65 km to the Royal Oak Mall.
Each property has a 1950’s bungalow styled house occupying a full freehold, level site.
“They are character dwellings that typify the area and were probably all ex-Housing Corporation (Housing NZ) when constructed originally,” Meister says. “Each house has a different degree of remodelling and improvements such as garaging, decks and landscaping, but, as this is a development site, these details are unlikely to be any consequence to potential buyers.”
Meister says the rare offering of five adjoining titles within a Special Housing Area, offers an immediate opportunity to develop intensive housing in accordance with the rules governing SHAs.
“Once a site has become an SHA, the subsequent development proposals within these areas must demonstrate that they are qualifying developments. This means they must be predominately residential, not exceeding six storeys or 27 metres, and not containing fewer than the prescribed number of dwellings specified within the Order of Council.
“However, while any development is required to be predominately residential, non-residential uses are strongly encouraged, such as the creation of employment opportunities,” Meister says.
Bruce says Onehunga is a “sunrise” suburb, with values increasing 37 per cent in new Council 2014 capital valuations. “It is a desirable location due to the character housing available, combined with it being close to everything needed by households including shopping, transport and community services. Onehunga is considered by many as a new Ponsonby,” he says.
Wade Avenue is a cul-de-sac street with an easterly aspect and is less than 12 km from the Auckland CBD, 1 km from the centre of Onehunga Mall, 13 km from Auckland Airport and 6 km from the State Highway One motorway..
Bruce says the Wade Avenue properties could suit investors wanting a valuable land banking opportunity with the possibility of holding income by renting out the existing dwellings.
“There is high demand for housing in the area with it being relatively close to Auckland CBD while its quiet location makes the land all the more valuable for high density residential development,” Bruce says.