Global buyers eye key Remuera development site

An international search is on for buyers for a large Remuera site considered one of the best residential development opportunities on Auckland’s city fringe.

The more than 3,500 square metres of flat freehold land sits in a commanding corner position on Remuera Road, on the main retail strip of the desirable and affluent suburb of Remuera.

Home to Auckland Bridge Club for over half a century, it is now tipped for a multi-storey upmarket residential project, underpinned by development-friendly planning provisions and a location in the prized ‘double grammar zone’ for enrolment at Auckland Grammar and Epsom Girls Grammar schools.

The property at 273 Remuera Road is being offered to buyers via an international tender closing on Thursday 6 August (unless sold prior). The sale is being marketed by Stephen Scott and Kate Kirby of Bayleys Auckland Central.

Scott says the site represents a rare opportunity to create a high-end development at scale in such a prime location on the eastern city fringe.

“The property is identified for residential intensification as part of the Terrace Housing and Apartment Building zone under Auckland’s unitary plan. The location beside Remuera’s town centre and close to Remuera train station could give rise to an even greater potential intensity and building height under a proposed council plan change.

“A prime position on Remuera Road provides excellent access and exposure to passing traffic and pedestrian activity on Remuera’s main commercial strip,” Scott says.

An existing nearly 900-square-metre two-storey building with around 70 on-site car parks, occupied since 1971 by Auckland Bridge Club, offers new owners the potential to install new tenants and generate a holding income, or to occupy.

“The building presents in good condition and could be readily repurposed to house a range of commercial or service-based occupiers,” says Scott.

Kirby says a future development will benefit from being in the heart of one of Auckland’s most prosperous and established residential catchments.

“The property is superbly situated with dual street access and frontages on the high-profile corner of Remuera and Armadale roads. It is surrounded by high-end homes, apartments and medical facilities, along with a lively cluster of boutique shops, cafés, restaurants, and supermarket shopping.

“Neighbouring buildings are a mix of older character and modern structures, many with retail at street level and residential or commercial premises above. The recently completed Victoria Lane exclusive apartment complex adds an affluent residential customer base and further underpins the locality’s prestige.

“Being in the ‘double grammar’ zone, and close to several renowned private schools, adds further value to future residential developments in this highly desirable central Remuera location.

“The area is well served by buses along Remuera Road. Remuera train station is close at hand, as is the Green Lane East Southern Motorway interchange, enabling easy access to Auckland’s city centre,” Kirby says.