Mortgagee Sale Opens Way For ‘turn-key’ Luxury Apartment Development

Monday, 9 May 2022, 10:18 am
Press Release: Bayleys

An upcoming mortgagee sale has presented buyers with a rare ‘turn-key’ opportunity to develop a luxury apartment complex in a prime location on Auckland’s CBD fringe.

The more than 400-square metre freehold site for sale on Farnham Street, Parnell, is resource consented for a six-level complex with 17 upmarket apartments.

The vacant site’s development credentials are underpinned by intensive zoning, a north-facing aspect, and its desirable city-fringe location within the ‘Double Grammar Zone’ for enrolment at Auckland Grammar and Epsom Girls Grammar schools.

The property at 9 Farnham Street, Parnell, Auckland, is being marketed for sale by mortgagee tender (unless sold prior), through Alan Haydock and Damien Bullick of Bayleys Auckland Central. The tender closes on Tuesday 31st May.

“This approximately 406-square metre offering presents buyers with a rare and affordable ‘turn-key’ opportunity for immediate development in one of Auckland’s premier residential locations,” said Haydock.

“Alternatively, it could appeal to buyers looking to strategically land bank for long-term gains.”

The site comes with existing resource consent for a building with six levels of apartments plus a basement containing parking and storage units.

“The 17 luxury apartments are a mix of two and three-bedroom units, ranging in size from approximately 75 square metres to 141 square metres including balconies.”

“Each apartment will have two bathrooms and a north-facing balcony. Those on upper levels will enjoy views towards Waitematā Harbour,” said Haydock.

Further details, including resource consent documentation, is available on request.

The Farnham Street site is part of the flexible Business – Mixed Use zone under Auckland’s unitary plan. The zone enables residential accommodation as a permitted activity, along with a raft of other uses such as offices, retail, visitor accommodation, entertainment, and healthcare facilities.

The immediate surroundings are home to a mix of character commercial and retail premises along with a selection of character and modern medium-density homes.

Bullick said the site for sale benefited from an allowable building height of up to 21 metres, five metres higher than is typically allowed within the zone.

“In addition to its development-friendly zoning provisions, one of the key value propositions for this property is its prestigious and convenient Parnell location.”

“The site is just metres from the St Georges Bay Road commercial precinct, which in recent times has been upgraded and transformed into one of the most sought-after locations in Auckland’s city fringe. The Parnell Road retail and dining strip are also within a short walk.”

“Farnham Street is also within easy reach of motorway on-ramps via Grafton Gully and is just a few minutes by car from the city centre,” Bullick said.

Click here for more information on this listing.

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