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Mortgagee sale of Waterview land opens up development options

Financiers have called time on the owner of a substantial parcel of land with intensive residential redevelopment potential in Waterview, prompting a sale by mortgagee tender.

The 5,437sqm (more or less) Mixed Housing Urban-zoned land at 1590A and 1592 Great North Road is held in two titles, and agents are confident of a sale given that the Reserve Bank of New Zealand has signalled that interest rates have likely peaked for this cycle.

While a proposed development scheme plan offering 75 residential apartments across two apartment blocks had been intended for the large scale site, buyers are urged to view the opportunity with an open mind and consider varying levels of development intensity.

The rear semi-elevated site overlooking an established ecological area and the bush-clad Oakley Creek, one of Auckland's longest urban streams, is irregularly-shaped and offers development scale in a popular location.

It has an easterly and northerly aspect which can’t be built out given the reserve outlook, and the two existing modest 1920s’weatherboard dwellings on the 1592 Great North Road title will need to be removed to facilitate the development of the site.

The mortgagee tender, subject to mortgagee terms and conditions of sale, closes at 2pm, Thursday 29th June, unless sold or withdrawn prior, through Bayleys agents Mike Houlker, Sunil Bhana, Steve Rendall and Wesley Gerber.

Bhana said with the central bank indicating they’d ease mortgage loan-to-value ratio (LVR) restrictions, it should provide confidence to development buyers looking to re-enter the market.

“Given the reasonably high-intensity zoning of this Waterview land, a buyer has a number of avenues to explore.

“They could take advantage of the behind-the-scenes work already done and continue with the proposed 75-apartment complex plans, explore a lower-density option or hold the land for future gains as sizeable parcels of land rarely come to market in this area.

“A forward-thinking developer will come up with their own value-equation and whether that’s one dwelling on an exclusive rear section, the two-block high-intensity apartment development initially proposed for the site – or anything in between – the site can be scaled to suit.”

Sitting between the suburbs of Pt Chevalier and Mt Albert which have experienced significant growth in recent years, Houlker said Waterview’s city fringe location has untapped potential and clear positional advantages.

“The subject site has easy access to roading arterials with motorway on-and-off ramps around 1km away, handy public transport connections with a bus stop at the gate, and it’s around 10km from Auckland CBD.

“The Pt Chevalier local shops and the comprehensive St Lukes Shopping Centre are in easy reach, as are a range of community amenities and schools, and there are lots of green spaces and parks.”

The scarcity of favourably-zoned development land in the area, the flexible zoning overlay, and the region-wide shortage of housing underpins the value of the property.

“Recent residential developments along Great North Road have been enabled by the Unitary Plan and include a range of housing options which have been popular with the market, adding support to the potential of this large site.” said Gerber.

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