Above Par Opportunity For Potential Development

Published: Tue 11 Feb 2020 03:00 PM
More than 27 hectares of prime land, currently zoned Rural Production and adjacent to the international Wainui Golf Club near Silverdale, is on the market for the first time since 1962.
It’s billed as a land-banking opportunity for large-scale developers who recognise the potential for a possible integrated rural-lifestyle subdivision.
Given the surging demand for residential land north of Auckland’s increasingly constrained city boundaries, the Wainui area seems a natural contender for more residential development.
The Grayson family, who have owned the land for the past 58 years and run cattle on it, recognise that the land’s best and highest value is yet to be realised and commissioned consultants Terra Nova Planning to provide conceptual guidance as to future development options.
This report will be made available to prospective purchasers upon registration through Bayleys.
Dylan Turner of Bayleys Orewa and Chris Blair, Bayleys Warkworth, are marketing the land via a tender process closing 4pm Wednesday 25th March 2020 (unless sold prior) and say the land is seriously for sale.
“This landholding is seen as having sought-after rural-residential development credentials given the underlying locational fundamentals and a rezoning precedent set by a neighbouring residential/lifestyle subdivision,” explains Turner.
“The land is currently zoned Rural Production, with any change of usage requiring a private plan change through Auckland Council.
“On the property’s western boundary, the developers of Wainui Estate were successful with a private plan change permitting them to establish a 16-lot rural-lifestyle subdivision which is selling down extremely well with only a couple of sites remaining.”
Turner says sites within that development have been selling from $750,000 to $1,100,000, with end values from $2,200,000 to $5,000,000.
“Clearly, there is demand for further residential land in this immediate area and while prospective purchasers will need to do their due diligence through Council and other avenues for this land in Cemetery Road, there are identified paths to progress redevelopment.”
Terra Nova has identified two main conceptual propositions – both of which would require a plan change
“Firstly, a large lot concept with up to 65 generous residential lots and associated reserve components,” says Turner.
“Alternatively, they have suggested a cluster subdivision concept allowing for 61 homes on smaller sites (including the two existing dwellings) grouped together in clusters, with the balance being open space held in common ownership.”
On offer as one lot is 27.6552 hectares of land with two existing dwellings on the south-eastern border, to be sold with vacant possession.
The property is sited on the fringe of Auckland city’s identified Future Urban zone. The site slopes from the eastern and western boundaries to a stream which divides the site from the northern boundary to the south.
With the popular Wainui Golf Club on its boundary, and the Club having indicated that they would be amenable to an integrated rural-lifestyle subdivision that would support membership growth and be attractive to its existing members, Turner says the land’s credentials will have wide appeal.
“The buyer is likely to be a local, large-scale developer or investment consortium but the landholding could also resonate with international investors/developers keen to leverage the lifestyle benefits that a golf course brings to the development table,” he says.
“In the meantime, the land could be farmed as it currently is for holding income while options are explored and the necessary consents secured.”
The property is around 36 kilometres from Auckland’s CBD. It is 10 minutes west of Orewa where the popular beach, thriving café scene, retail stores, supermarkets and diverse schooling options from day-care through to high school meets the needs of residents in the area.
It is located only a few minutes off State Highway 1 via the Wainui interchange.
The Silverdale/Orewa area is currently experiencing considerable housing growth with major residential developments at varying stages of completion. These include Pacific Heights, West Hoe Heights, Ara Hills (AV Jennings), Millwater and Milldale and Fletcher Living.
“With Auckland’s population expected to reach more than 2.4 million by 2047 and with Auckland North identified as one of the core growth nodes to accommodate a burgeoning population, we expect this sizeable parcel of land in Wainui will get developer heads turning,” says Turner.
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.
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