Land and plans for urban township modernization consented

Monday, 10 August 2015, 4:47 pm
Press Release: Bayleys

Land and plans for urban township modernization consented

Land and consented building plans for the development of seven mid-rise retail, commercial and apartment blocks in urban Auckland have been placed on the market for sale.

The development – tentatively named The Alba - sits on approximately 3927 square metres of land overlooking Dairy Flat Highway in Albany village on Auckland’s North Shore. The consented plans allow for the construction of seven five-storey blocks with retail units at street level, commercial offices on the first floor, and apartments on the upper three levels.

The six retail sites range in size from 158 square metres up to 290 square metres, while the commercial premises range in size from 205 square metres up to 310 square metres. The office premises are being promoted as professional open-plan urban work spaces.

The top level of each tower currently features designs for 179 square metre three-bedroom/two bathroom penthouse dwellings with wrap-around open decking. Aside from the penthouses, the approved apartment configuration contains a mix of one, two and three-bedroom units ranging in size from 76 to 112 square metres, all with elevator access to underground car parking facilities.

The land and consented development plans for The Alba are being marketed for sale by Bayleys Long Bay through a tender process closing on August 26. Bayleys Long Bay salesperson Gary Douglas said The Alba would be at the bow-wave of modernising Albany township.

“While there are plans for yet-to-be-built mid-rise commercial and mixed-use commercial/residential blocks elsewhere around Greater Albany, nothing like The Alba has been brought to the market so far. It’s far more boutique and of low-rise intensity based around an existing and very mature social infrastructure,” Mr Douglas said.

“Albany basin to the south of Albany township has undergone an incredible metamorphosis over the past 15 years – firstly through the development of bulk retail premises and commercial offices, then through the arrival of Westfield Albany, the Events cinema complex, and then the ensuing residential blocks.

Lay-out and design plans for The Alba complex have Dairy Flat Highway linking through a lane-style pedestrian and vehicular access to the rear of the development overlooking Kell Park.

“As part of the consenting approval process, the approved development proposal opens up Kell Park’s potential as Albany town centre’s recreational zone. Frontage onto the park will be appealing for retail premises with a food and beverage focus,” Mr Douglas said. “Likewise with the apartments overlooking what is a mature green space.”

Mr Douglas believed The Alba’s retail premises would appeal to ‘neighbourhood’-focused food and beverage operators which would compliment and add to the existing ethnically-orientated food offerings currently operating in Albany village.

“Nearby Albany Mall food court and the handful of licensed bars and restaurants along its boulevard perimeter cater well for the ‘visiting’ clientele shopping during the day or attending the neighbouring Events Cinema complex at night,” he said.

“The vision is that The Alba’s hospitality tenancies will be more targeted toward Albany village, Albany basin, and Paremoremo locals, along with those new residents who will be living in the apartments above, as a neighbourhood type hub.”

Meanwhile on the level above, Mr Douglas said The Alba’s current developer envisaged commercial tenants would most likely come from the professional services sector – such as architectural design, digital creative, accounting, and company consulting disciplines.

“North Shore office premises in the Rosedale, Constellation Drive, Corinthian Drive and Takapuna commercial precincts are just that – purely commercial. They don’t enjoy the same residential and retail blend being found at The Alba, which would almost suit a ‘work-from-home’ scenario if combined with apartment ownership above,” he said.

“With technology and digital communications now supporting a much more fluid workplace environment, along with smaller businesses choosing to be based outside of congested city and city-fringe centres, destinations like Albany village present exciting opportunities – as identified by the inclusion of commercial premises in the development plans.”

Mr Douglas said that while the three-pronged development plans being sold in conjunction with The Alba land had already been approved by Auckland Council, there was nothing to stop potential purchasers buying the land and submitting alternative building options which could contain greater or higher residential intensification options.”

The land is currently tenanted by a range of trading businesses – including a boat yard, café, physiotherapy treatment rooms, and commercial offices. All have various tenancy terms expiring next year with the potential of extending those out on month-by-month leases. Combined, the multiple tenancies generate rental income of $200,000 per annum.

ENDS

© Scoop Media

Bayleys Real Estate

New Zealand

Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.

Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.

No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.

Contact Bayleys Real Estate

• Website - bayleys.co.nz
• Latest News - PropertyLive
• Contact - Salesperson
• Contact - Offices