Epsom neighbours offer broader development canvas

Two adjoining Epsom properties are being offered for sale individually or together, giving investors and developers the opportunity to secure a 2,083sqm freehold landholding near Newmarket, with existing income and scope to explore more intensive use over time.

The properties at 1 and 3-5 Ngaire Avenue combine commercial premises with established community facilities across three titles, within the Double Grammar school zone and walking distance of Newmarket and Remuera train stations.

Bayleys Metro Markets director Stephen Scott and colleague Kate Kirby are marketing the properties for sale by deadline, closing at 2:00 pm on Thursday, 29th October 2026 (unless sold prior).

Scott says the offering brings together two considerations central to urban development: access to established amenities and sufficient land to examine different design outcomes.

“Acquiring adjoining properties together allows purchasers to assess access, building placement and development staging across a larger footprint. Buying separately provides a more targeted entry, depending on capital available and the intended use.”

The offering comprises:

• 1 Ngaire Avenue: A 695sqm site with a two-level commercial building of approximately 772sqm, and around 13 car parks in Business – Mixed Use zone.
• 3-5 Ngaire Avenue: A 1,388sqm holding across two titles comprising 794sqm and 594sqm respectively, with approximately 562sqm of church and hall accommodation, and around 25 car parks zoned Residential – Mixed Housing Urban.

The properties are offered to the market as Auckland’s proposed Plan Change 120 directs greater housing capacity towards locations served by public transport, employment and established centres. For purchasers, that policy direction supports the investment case for well-connected urban land, subject to development feasibility.

Under PC120, the properties benefit from a potential 50 metre height overlay. While this remains subject to confirmation against the latest proposed provisions and the plan-change process, the brokers note it could unlock greater development capacity in a location well-suited to urban intensification.

Bayleys Auckland Metro senior broker Kate Kirby says the location provides a key foundation for assessing future demand.

“Newmarket brings employment, retail and services into proximity, while rail connections and motorway access support travel across the region. The school catchment is also a valuable consideration for purchasers evaluating a residential component.

The church, which has occupied 3-5 Ngaire Avenue since 1925, is relocating within Newmarket. Existing office and car parking arrangements generate combined net holding income of approximately $41,407 per annum plus GST.

Periodic and monthly arrangements allow buyers to earn holding income while exploring refurbishment, new uses or redevelopment, subject to existing tenancy terms.

Scott says acquiring both properties allows buyers to explore a coordinated development combining residential and commercial uses across the two zone categories.

“The income contributes to holding costs while purchasers work through their options, while the longer-term opportunity remains aligning the landholding with a feasible project and the needs of future occupants.

“That requires testing construction costs, infrastructure, consenting requirements and likely end values. Here on Ngaire Avenue, purchasers can undertake that assessment around a substantial adjoining landholding with existing buildings, transport connections and established amenities already in place, underpinning a solid investment case.”