Bare Kohi land offers rare opportunity

Undeveloped land is an unusual sight in this area. Photo / Supplied

One of the largest bare-land holdings in Auckland's eastern suburbs, already with consent for a 200-unit retirement village, will go under the hammer next month.

The property, part of Bayleys' latest Total Property portfolio, will be auctioned in Bayleys' central Auckland rooms on Wednesday, March 21 at 11am.

The 3.1ha site at 219 Kohimarama Rd and 7 John Rymer Place in Kohimarama offers several options for a future owner, says Robert Platt of Bayleys Auckland, who is marketing the site.

"In addition to a retirement village development, the land could be subdivided into residential sections or utilised for high-density housing and apartments subject to council approval.

"The sale provides a rare opportunity to purchase a substantial block of easy-contoured development land located in one of Auckland's most sought-after residential suburbs."

Platt says the site has an interesting history. It was originally part of Selwyn College and was used as a hockey field.

As a former pupil of the college, Platt remembers running over the land as part of the school's cross-country course, and fetching cricket balls hit for six from the school's top field.

In 2006, the Crown put the land up for sale and local iwi Ngati Whatua O Orakei Maori exercised a pre-emptive right under the Education Lands Act to buy it.

A leasehold title was created over the property and the perpetually renewable lessee's interest was subsequently bought by Education Holdings 2008 Limited at a price which was the equivalent of 150 years of ground rent.

In exchange, the purchaser was granted a ground rent holiday for this period.

"While Education Holdings is now selling its lessee's interest in the property, the rent holiday effectively means that the new and subsequent owners will have the equivalent of freehold ownership of the land almost for the next century and a half," Platt says.

The site is accessed off John Rymer Place via a freehold section that is included in the offering. Platt says the land is in a well-established area, with sufficient infrastructure to support development. Neighbourhood shopping facilities are provided for on the opposite side of Kohimarama Rd, with the Eastridge Shopping Centre to the west and Meadowbank Shopping Centre to the southeast. It is close to popular Mission Bay and major public transport links.

The property is triangular shaped and bounded by Selwyn College on the northwest and housing on two other sides.

Education Holdings has a concept plan drawn up for the site which consists of a mixture of single and two-storey villas and some four-storey apartment buildings.

Within this proposed development there are 189 residential units, although the resource consent for the retirement village allows for as many as 200 units on the site.

"A new owner could utilise the consents already obtained by the vendor or they could start from scratch and develop their own plans for the site."