A lakefront development site in one of Auckland’s most desirable residential locations is available for purchase, presenting developers with the opportunity to capitalise on a landholding that is zoned for intensive development.
2D Northcote Road, Takapuna is a 2.243ha elevated freehold site that sits on the western edge of Lake Pupuke and is the last remaining of its kind.
Takapuna is an area where housing demand has long outpaced supply and its appealing blend of business, lifestyle, and beachside living means it continues to attract those seeking a premium work-life balance.
The subject site is strategically located in the heart of this thriving area and is only 10 minutes from the Auckland CBD under normal driving conditions. Access to State Highway 1 is only 1.5km away via Northcote Road.
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The property is zoned Residential – Mixed Housing Suburban Zone (Smales 2 sub precinct B) under the Auckland Unitary Plan.
The sub precinct is to be developed for intensive residential purposes in a manner that achieves high standards of on-site amenity, and which appropriately responds to the location of the land adjacent to the lake and its elevation above Northcote Road immediately to the north.
Colliers Directors Josh Coburn, Blair Peterken, and Shoneet Chand have been exclusively appointed by the receivers of Lakefront Investments Limited (in Receivership & Liquidation) to market the property for sale and are taking expressions of interest closing at 4pm on Thursday 20 March, unless sold prior.
Coburn, Director of Capital Markets and Site Sales at Colliers, says the zoning allows for a development that contains up to 145 residential units.
“A draft concept design plan created by A Studio Architects demonstrates a combination of 14 elevated, stand-alone lots, one superblock of terraced housing, and four super lots supporting blocks of apartments and units up to 14.5m, although buyers are encouraged to consider alternative development schemes,” Coburn says.
“This site presents developers with the opportunity to acquire a landholding in a high-growth and in-demand location that has a level of appeal few other purchasing opportunities can match.”
Peterken, Director of Capital Markets at Colliers, says the changing economic landscape in New Zealand points towards an upturn in the residential housing market.
“As the Reserve Bank of New Zealand continues its cuts to the Official Cash Rate there is potential for stimulation in the economy that bodes well for the property market,” Peterken says.
“While residential sales activity has been subdued of late, volumes have been trending upwards from the lows recorded in the opening half of 2023. Sales activity is set to increase further as the combination of lower mortgage rates and easier access to finance impacts the market.”
These changing economic conditions will likely result in a lift in development activity and given the time taken to develop an apartment project, many developers may look to launch schemes to coincide with the anticipated strengthening of the housing market across the next 12 to 24 months.
Chand, Director of Investment Sales at Colliers, says the appeal of the location makes this an opportunity that warrants serious consideration from the development market.
“The site is well supported by high-quality local schools, including Takapuna Primary, Westlake boys and girls secondary schools, Takapuna Normal Intermediate, and Carmel College,” Chand says.
“There is also an extensive array of hospitality and shopping options across Takapuna as well as the Northcote Shopping Centre meaning the surrounding area has something for everyone.”
- Supplied by Colliers
