The property at 6 & 8 Hillary Square and 6 George Lowe Place, Orewa, has three titles, bearing low-rise buildings
The property at 6 & 8 Hillary Square and 6 George Lowe Place, Orewa, has three titles, bearing low-rise buildings
A Special Housing Area-approved redevelopment site in the heart of Orewa is being promoted as an opportunity for long-term investors and apartment developers.
Colliers International brokers Josh Coburn and Matt Prentice are marketing the property at 6 & 8 Hillary Square and 6 George Lowe Place, which is for sale by tender.
Final offers are due by August 25, 2016, unless sold earlier by negotiation.
The property is in a sought-after retail location in a prime position in central Orewa township.
Its tenancies generate a combined income of $388,865 per year plus GST.
According to Coburn, the 3564sq m site's location is exceptional, being in a part of the country famously dedicated to the memory of the 1953 conquest of Mt Everest. Hillary Square; Hillary House; the great man's statue; George Lowe Place and Tenzing Lane are all nearby.
"It's only 300m from the beach, surrounded by retail and commercial shops and well-established residential housing areas.
Immediate surroundings include low-rise retail shops, and a newly renovated New World supermarket located to its south," says Coburn.
"It generates a substantial and flexible income from current tenants, allowing a buyer to either develop or maintain a long-term investment, whichever is more suitable, as all leases contain demolition clauses."
The freehold site has three titles, now occupied by a range of low-intensity commercial buildings and parking areas. "The amalgamation of the three sites presents the perfect opportunity to design and develop a landmark apartment complex in the heart of Orewa," Coburn says.
"Upper levels would have incredible sea views, while the ground floor interfaces with Hillary Square and New World, a very pedestrian-friendly precinct," he adds.
The property has three titles, bearing low-rise buildings:
• No 6 Hillary square comprises eight tenancies and includes a first-floor residential flat, a total of 776.68sq m.
• No 8 Hillary Square comprises three shops in 228sq m of single-level building.
• Floor area for 6 George Lowe Place is about 450sq m.
Numbers 6 and 8 Hillary Square are built in a combination of block construction, cement fibreboard and aluminium shop-front joinery.
The building at 6 George Lowe Place is constructed of plaster-clad block, with steel and timber truss and iron roofing.
The property at centre (foreground), just to the rear of Hillary Square within its Orewa setting.
"A concrete roof over 6 Hillary Square may even provide a mid-range development opportunity," says Coburn.
The property will be zoned Town Centre under the Proposed Auckland Unitary Plan, which applies to suburban centres throughout Auckland.
It provides for a wide range of activities, including commercial, leisure, residential, tourist, cultural, community and civic services.
Prentice says the zone change will bring significant benefits to the new owners.
"The site is zoned 'Town Centre' under the PAUP, allowing for mixed-use development, including apartments up to four storeys, or potentially higher, up to 18m, if the Independent Hearings Panel recommendations are accepted," Prentice points out.
"This is a substantial benefit when considering Auckland's severe housing shortage and steps taken to address it by people leaving central suburbs".
The commercial area of Orewa is essentially three elongated blocks bounded by the Hibiscus Coast Highway to the east, Moenui Ave to the south, Centreway Rd to the west and Florence Ave to the North.
It is north of the Whangaparaoa Peninsula, 40km north of central Auckland.
Coburn sees Orewa as a popular holiday destination with a sizeable residential population destined for future growth.
"It's an excellent base from which to see Rodney District's countless attractions.
"In the north you get the Waiwera hot pools, Wenderholm Regional Park and historic Puhoi, while just south you get Whangaparaoa Peninsula and Silverdale Shopping Centre," he says.
