The approximately 734 square metres of freehold land spanning two titles at 14-18 McColl Street sits amid a vibrant business hub in the heart of Newmarket.
Currently used for parking, the land is underlain by development-friendly zoning.
Owen Ding of Bayleys Real Estate said the owners had drawn up development plans, with resource consent approvals in place to create a seven-level complex across the two titles. This would feature 43 apartments, two ground-floor retail shops and 10 car parks.
Public drainage extension work serving the sites had been completed and a request for council building consent was being processed, he said.
The McColl Street sites are now being marketed for sale together or individually by way of an auction on 17 March, through Bayleys Auckland Central and Bayleys Remuera.
Mr Ding and fellow salesperson Sarah Liu said the land for sale consisted of two equal-sized, adjacent freehold titles of 367 square metres each.
The apartment proposal was designed to maximise the potential across both titles, said Mr Ding.
“This project capitalises on the land’s Metropolitan Centre zoning under Auckland Council’s unitary plan. This zoning applies to centres which are second only to the city’s CBD in overall scale and intensity. It allows a wide range of residential and commercial uses and buildings up to a height of 32.5 metres, or eight storeys, subject to council approval,” Mr Ding said.
The property’s owners had also drawn up alternative concept plans for an individual six-unit terrace house development on each site, which provided options for purchasers interested in buying just one title, he said.
“With the resource consent in place for apartments, plus alternative concept plans for townhouses, buyers can make use of or modify the existing plans – or take advantage of the flexible zoning with a new project of their own,” said Mr Ding.
Ms Liu said any development would benefit greatly from its positioning in one of Auckland’s fastest growing and most sought-after locations.
“Newmarket is expected to be one of Auckland’s major growth locations. The Auckland Unitary Plan has seen many properties in the area applied with zoning that encourages more substantial development with regards to floor area and height,” Ms Liu said.
“Already home to one of New Zealand’s premier shopping precincts, Newmarket is undergoing a major urban transformation. This includes the $600 million redevelopment of the Westfield mall on Broadway and the new $141 million six-level office building for Mercury Energy.
“The University of Auckland will continue to develop its Newmarket campus just 200 metres from the McColl Street property. This campus is earmarked to absorb a large part of the university’s growth over the next 30 to 50 years,” said Ms Liu.
Less than two kilometres from Queen Street, the sites for sale were well served with easy access to major traffic arterials, motorway connections and train stations, she said.
Residential demand would be further heightened by the property’s location in the ‘Double Grammar Zone’ for enrolment at Auckland Grammar and Epsom Girls’ Grammar schools – and close to other top schools such as St Cuthbert’s College and Diocesan School for Girls, Ms Liu said.