An artist's impression of the proposed two-level retail and residential development at 2 Eden Terrace, Onetangi.
An artist's impression of the proposed two-level retail and residential development at 2 Eden Terrace, Onetangi.
A high profile freehold site on Waiheke Island with approved plans and full resource and building consent for a retail and residential development, is to be auctioned on site next month.
"This property occupies a main road corner location in Onetangi with excellent exposure to passing traffic," says Sharene Temple of Sothebys International Realty based in Parnell. "The sale represents an outstanding opportunity to purchase the only vacant site in the area designated for retail development. It's on the busy road to the popular north-facing Onetangi white sand beach, which is only two minutes away by car.
Sharene Temple, Sothebys International Realty, Parnell.
"The vendor has done the hard work with plans drawn up and building budget available to the buyer."
Temple, with colleague Jason Gaddes, is marketing the 878sq m freehold site at 2 Eden Terrace, Onetangi, on the corner with Onetangi Rd, for auction on site at 12-noon on Thursday, November 24, unless it sells earlier by negotiation.
The property comes with approved plans and consent for 350sq m of retail space for a commercial kitchen and delicatessen styled outlet serving take-out food. Approval has also been given for a 250sq m apartment on the upper level with good sea views enabling a retail owner-occupier to live on-site, rent out the apartment or use it as an Air B&B.
An elevated view of the site with a white line defining the property's borders.
"One side of the ground level can comprise any form of retail and the other side is consented for a commercial kitchen, but a buyer can always go for a change in consent," Temple says.
She says the property is in an area of heavy traffic flow diagonally opposite a Z service station and liquor shop. "We have already had established Auckland and Waiheke business owners contact us who are interested in leasing parts of the building when construction is completed," she says.
"The land is fairly flat with just a slight slope so it's an excellent construction site presenting no tough logistics for a builder to struggle with."
Temple says an extension for consent approval was granted on June 21 this year with a proviso that building work must commence before July 14, 2017 or the consent will lapse.
An aerial view of the corner site with nearby Onetangi Beach in the background.
"An old building occupies some of the property but this would need to be demolished or extensively renovated to be of any use," Temple says.
As a July 1, 2014, the property had an Auckland rating capital valuation of $660,000 with a land valuation of $310,000.
A budget submission from an Auckland interior fit-out and building company, received in October last year, estimated the construction of the proposed new two-floor retail and residential building would cost $1,820,000.
"Of course this estimate of the cost of work involved would need to be updated but it gives some idea of the potential cost of constructing a two-storey retail and accommodation building on this valuable site."
Temple says Waiheke is "screaming out for more tourist accommodation and food outlets, especially in this area, so we expect the auction to draw numerous bids".
