High-visibility Albany site among last available
The 1969 sq m freehold property on Oteha Valley Rd is for sale by tender.
A high-profile property for sale in Oteha Valley Rd is said to be among the last in the area suitable for commercial or residential development.
Bruce Whillans and colleague Blair Chandler, of Whillans Realty Group, are selling the 1969sq m freehold property at 290 Oteha Valley Rd, by tender with a closing date of November 29.
Chandler says the site at the corner of Appian Way and Oteha Valley Rd, has “incomparable exposure”, with more than 30,000 vehicles passing daily.
“Appian Way has a daily traffic count of over 8500 cars, using the route to access the Albany shopping mall or North Harbour Stadium,” he says.
“This site has its main access off Appian Way, with another entrance through the neighbouring 23-unit Foundation retail centre.”
The property was to have been developed by another party but has become surplus to their requirements, he says.
“Now it is likely to attract considerable attention because of its high profile corner location. It’s in a coveted retail precinct in Albany, where little development land is available for sale.”
Chandler points to a flexible Metropolitan Centre zoning under the Proposed Auckland Unitary Plan (PAUP) “providing a new owner with a wide range of development options”.
Retail development with a net lettable area above 2000sq m is a permitted activity. Alternatively the site could be developed into a hotel, serviced apartments, office space, medical centre, or live/work units subject to meeting certain planning criteria.
“The beauty of it is that it could be developed either into a hotel, or an apartment tower — or both — up to 72.5 metres,” he says.
“The property is surrounded by world class infrastructure, public transport and a rapidly growing and wealthy population base.”
Expected population growth rates in Albany are significantly ahead of projections for both the Auckland region and the North Shore with Albany expected to be one of Auckland’s fastest growing regions over the next 30 years.
“Statistics New Zealand expects the number of Albany residents to grow by 18,300 between 2013 and 2043, to 21,500 people, a rate which will underpin demand for hotels, serviced apartments, apartments, and live work office space.”
The North Shore, combined with the adjacent Rodney District is also undergoing rapid population growth, and estimated to rise with more than 150,000 new residents living in this region in the next 20 years, Chandler says.
“Albany is a high-decile residential area with good quality schools and it also has Massey University. It already has all infrastructure necessary for new developments to succeed.
“Residential developers have recognised the convenience of the location, its closeness to Auckland via the motorway (the on-ramp interchange is only 850m away) and the large 1100 car space Park and Ride bus terminal facility.
Other amenities include the sports stadium, new pool along with the existing retail and the education facilities which make this region perfect for residential development.”
Chandler says the demographic profile of Albany and its surrounds indicate a high proportion of well-educated, affluent, young and middle-aged homeowners.
Whillans says Whillans Realty Group has sold a substantial portion of the available land in Albany in recent years, totalling more than $305m in land sales.
Demand will remain high because of the area’s population growth and there are an increasing number of retail and commercial developments to cater for this.
The recently completed, 23-unit complex The Foundation, adjacent to 290 Oteha Valley Road, for instance, is a mixture of restaurants, takeaway food tenancies as well as a large childcare facility. Designed by Woodham Meikle Zhan Architects, it includes national brand tenants such as Lone Star, Pita Pit, Bruce Lee Sushi, Tank Juice Bar, Oporto Chicken, and Snap Fitness gym.
Also along Oteha Valley Rd is a new KFC and Carls Jr, a Caltex service station and a further convenience retail complex which have all now opened.
Under construction is the boutique four-star development Ramada Albany, which is due to be finished by the middle of next year.
The 84 residential units have been sold with only the retail units remaining.
Chandler says that the 4000sq m Albany Stadium pool, at 55 Don McKinnon Drive, is estimated to be completed mid-2017.
The nearby Rose Garden Apartments is well under way with construction.
Stage one of the development which includes 201 units has completely sold out which indicates the demand for residential units in this area.