It is strategically-located to leverage off game-changing infrastructural development and new zoning classifications.
Held in six titles, the land and six buildings at 2 Flower Street, 3 Flower Street and 40 New North Road, 44 New North Road, 46-48 New North Road, and 52 New North Road are in prime position to benefit from the emerging City Rail Link (CRL) infrastructure around the existing Mount Eden train station and rezoning under the Council’s Auckland Unitary Plan (AUP).
The properties are owned by New Zealand’s largest independent broadcaster, MediaWorks, and it is the primary site for MediaWorks’ network offices and studios.
Cameron Melhuish, Layne Harwood and Lloyd Budd of Bayleys’ Auckland Central commercial team are marketing the Eden Terrace properties, which will be sold as one lot by Expressions of Interest closing 4pm, Thursday 21st November.
Harwood says with the CRL project unlocking exciting transformational development opportunities in the wider Eden Terrace area, MediaWorks’ decision to exit the site creates an opportunity for a visionary developer to inject new life into this substantial landholding.
“We believe this site could be reshaped into something pretty special given the underlying fundamentals of the location,” says Mr Harwood.
“In its current guise, the landholding is underdeveloped however, there is significant potential to upgrade the main studio building which is developed over five levels and has a net lettable floor area of 6,394 square metres.
“The balance of the site comprises smaller buildings that could be refurbished in the short term but would ultimately provide a higher and best use through complete redevelopment.”
Five of the six titles make up a sizeable and flexible parcel with multiple frontages to Flower, Nikau and Korari Streets and New North Road, while the final title has corner profile to Flower and Nikau Streets.
Mr Melhuish says full-site redevelopment is highly likely for this significant property portfolio which has compelling development advantages thanks to changes inherent in the AUP.
“In our view, Council has got it right here with a long-term view of creating higher-intensity mixed-use environments supported by and aligned to resilient public transport options,” says Mr Melhuish.
“Around 72 percent of the site now has Business-Mixed Use zoning which is the most favourable classification for city-fringe development as it’s conducive to a wide range of activities, including residential use as-of-right.
“This portion of the portfolio also has the benefit of a Height Variation Control, enabling development up to 21 metres high.”
The balance of the portfolio, being those sites with frontage to New North Road, has a Business-Town Centre zoning. This zoning also promotes more intensive development and it, too, has the benefit of a Height Control Variation – in this instance, allowing development up to 18 metres in height.
“It is foreseeable that redevelopment could include ground-floor retail with residential above, in-line with Council’s intention to see functional, mixed-use precincts emerging along city fringe arterials,” says Mr Melhuish.
The property is being sold with a leaseback to MediaWorks for three years.
“Accordingly, a purchaser has time to formulate a longer-term vision for the site which may include refurbishing of the existing buildings in part, planning a full mixed-use redevelopment of the site or potentially selling-down the individual titles at some later date,” he says.
As part of the CRL project, Mount Eden Station will be enlarged and redeveloped, and according to Auckland Council, land that has been acquired in the immediate vicinity will provide potential for more than 100,000 square metres of residential and commercial investment.
The station will cover both the existing Kingsland to Grafton line and the new CRL Mount Eden to Karangahape Road line.
“The main access to the new station for the city-bound platforms will be at Ruru Street which is just a block or so away from the properties we are selling,” says Mr Melhuish.
“With the originally-proposed new underground station in Newton near Symonds Street now shelved and the focus for this end of town very much on the Mount Eden CRL amenity, there’s plenty of interest being shown in property in the catchment area.
“This would have to be one of the biggest growth nodes across the city and we expect to see a real renaissance in Eden Terrace on the back of huge infrastructural investment.”