Kumeu and Takapuna development lots

4:38 PM Friday March 23, 2018 True Commercial

The property encompassing four commercial buildings at 3,5,7 & 9 Anzac St, Takapuna is roughly indicated by a red border. Photo / Supplied

Bayleys’ Auckland based International Division is marketing two development opportunities — more than 100 residential sections for purchase in bulk lots at Kumeu; a large commercial land holding in four titles in central Takapuna.

These listings are among over 60 properties from around New Zealand featured in Bayleys’ latest Total Property portfolio.

The Kumeu property encompasses a total of 103 lots — sized 480sq m through to 1328sq m — at 46 Gilbransen Rd and 217 Matua Rd which are for sale by expressions of interest, closing 4pm on Wednesday April 18, unless sold earlier.

“This represents a quality opportunity for builders, developers or lank bankers to benefit from all the activity that is occurring in one of the fastest growing parts of New Zealand,” says Bayleys agent Matt Lee, who is marketing the property with colleague James Chan.

“The vendor has been through the time consuming process of obtaining resource consent for a large-scale residential subdivision and is now completing the earthworks and roading and installing utility services. So the sections will be ready to develop dwellings on, subject to obtaining the necessary building consents.”

The entire consented site, totalling 12.7844ha, comprises two adjoining residential blocks with frontage to both Gilbransen and Matua Rds, plus additional road access off Lockyer Rd, Madden Ave and Lewis Younie Rd. It totals 112 lots — nine of which have already been pre-sold.

True Commercial - 46 Gilbransen Rd%2c Kumeu - aerial with red border.jpg

The land block for sale at 46 Gilbransen Rd and 217 Matua Rd is identified by a red border. Photo / Supplied

Lee says interested parties will be able to make offers for all, or part of the remaining lots. “Builders for example might want to make an offer on pockets of sections and the vendor is happy to consider those.”

Lee adds that the property has a relatively even contour which generally slopes away from the Gilbransen Rd frontage down to the western boundary which adjoins the Ahukuramu Stream. A new primary school is under construction opposite the property’s eastern boundary at 47-49 Gilbransen Rd.

“Surrounding the property are new residential subdivisions, with major projects such as the neighbouring Kauri Grove, Huapai Triangle and Matua and Portage residential estates either completed or undergoing construction,” says Lee. “The area is also poised for further major growth in the near-medium term, with land to the immediate west, currently comprising rural residential and lifestyle blocks, zoned Future Urban — which means it is likely to be opened up for more intensive development at some stage.”

Chan points out that Kumeu and the wider North West region is projected to have an additional 30,000 dwellings, housing about 75,000 new residents over the next 30 years.

“This opportunity is well-positioned within the North-West corridor, providing ease of access to the motorway and public transport systems while being about 11km from Westgate Town Centre, the commercial and retail hub of the north west with its large format retail outlets and the NorthWest Shopping Centre.

“The North-West corridor is benefitting from significant infrastructural upgrading and development including an ever-improving motorway network, expanding public transport and increased public amenities, including schools.  Commercial, industrial and retail growth out west provide employment opportunities for a growing population. Kumeu is transforming from a semi-rural to urban; its population is forecast to increase more than four-fold.”

Chan says each of the lots for sale is zoned Residential-Single House under the Auckland Unitary Plan. The zone is generally characterised by one-to-two storey buildings consistent with a suburban built character.

Also for sale in Takapuna by negotiation, is a 3527sq m land holding in four freehold titles at 3,5,7 & 9 Anzac St, Takapuna. It is being marketed by Oscar Kuang and James Chan and earns total gross holding income of just over $500,000 per annum from four separate commercial buildings, constructed in the 1960s, 70s and 80s, with multiple retail and office tenants.

Kuang says upper-level vacancies in two of the four buildings present opportunities to owner-occupiers, as well as add-value investors looking for potential rent upside. The property has a corner position, with an additional frontage to Campbell Rd.

“Its Metropolitan Centre zoning allows for superb development potential. Resource consent has been granted for a five-level apartment development on the 3-7 Anzac St land, with ground floor commercial units and two levels of underground parking. The zoning is very flexible, offering a wide range of residential, commercial or Mixed Use development options,” says Chan, who says the property has a 2017 Auckland Council rating valuation of $13,475,000.