The 3,057sqm landholding is positioned on the eastern flank of the Tamaki Estuary, one of Auckland’s main gateway points to and from the Hauraki Gulf and has over 50 metres of frontage to The Parade which overlooks the beach.
The property currently accommodates a 22-unit motel complex, however, it has huge potential for a transformational housing redevelopment subject to obtaining the necessary consent, says James Chan, Bayleys Auckland Central’s international sales director, who is marketing the offering with Bayleys Auckland Central colleague Owen Ding and Bayleys Howick residential and lifestyle salesperson Angela Rudling.
“The offering is located in one of Auckland’s most sought-after residential precincts,” says Chan. “Surrounding properties comprise a mix of substantial standalone complexes and there is a big opportunity to redevelop this property into high-end, low-rise apartments more in keeping with the affluent catchment and targeted at those seeking luxurious waterfront living.”
He says The Parade is recognised as one of east Auckland’s most exclusive residential streets because of its beach frontage, unobstructed, wide-ranging waterfront views and northwesterly aspect.
The land is currently zoned Residential – Mixed Housing Suburban. This allows some intensification while retaining a suburban built character, enabling low-rise detached and attached housing in a variety of types and sizes to provide housing choice.
Chan says there is a possibility the property at 41-42 The Parade could be more intensively developed as a result of the Resource Management (Enabling Housing Supply and Other Matters) Amendment Act which came into law in December 2021 to facilitate an increase in the supply of housing in New Zealand’s five most populous cities.
The RMA amendment means Auckland Council is required to change its unitary plan so most residential areas are zoned for medium-density housing. This would mean dwellings of up to three storeys can be built on more sites without the need for resource consent, provided they comply with a series of development controls covering things like setbacks and outdoor spaces. Councils are required to publicly notify the new rules and policies enabling medium density and intensification in their district plans by August 20, 2022.
The current owner-operated Bucklands Beach Waterfront Motel was developed on the property in the 1980s with extensions completed during the 1990s. In 2017, seven 18sqm studio units were added at the rear of the site.
The 1,130sqm motel complex also encompasses four 26sqm standalone garden view chalets and eleven one- and two-bedroom sea view units ranging from 44-82sqm overlooking Bucklands Beach. Additional amenities include an outdoor swimming pool, guest laundry and on-site car parking.
“Although impacted by COVID-19 lockdowns, the motel has been producing annual revenue of close to $1 million since the studio units were completed and they could provide a good interim income stream,” says Chan.
“However, longer term the highest and best use of the site would be to develop it more intensively for upmarket housing.”
A trophy listing in Bayleys’ latest Total Property portfolio, the property is for sale by international tender closing 4pm, May 6, unless sold prior.
Owen Ding says there are a range of locational factors that increase the property’s appeal for future residential development in addition to its waterfront position.
It lies within the zone for highly regarded, high decile public schools Macleans College and Bucklands Beach primary and intermediate schools. Macleans College is within 15 minutes’ walk and Saint Kentigern College, one of New Zealand’s top private schools, is also a short drive away.
Half Moon Bay Ferry Terminal is only minutes’ drive from the site and provides frequent ferry services to Auckland CBD as well as Waiheke Island. A marina, Bucklands Beach Yacht Club, a range of cafes, bars and restaurants, a First Choice supermarket and other retail outlets are also located at Half Moon Bay.
A public boat ramp, Musick Point peninsula, Howick Golf Course, Eastern Beach plus a number of parks and reserves are also nearby.