Top location for retirement village

The 3.122ha greenfield site for sale at 223 Kohimarama Rd, Auckland.

One of the largest remaining green-field sites on the Auckland isthmus, a 3.122-hectare Kohimarama property that has never been developed, is being marketed as an ideal location for an upmarket retirement village.

Strategically positioned in one of Auckland's wealthiest eastern suburbs, the property is being sold in a receivership sale with tenders for the property closing on November 21.

"This property has huge potential under the Auckland City Council's proposed unitary plan," says Bruce Whillans, of Ray White Commercial, who is marketing it in conjunction with colleague Brice Clark for the receiver, Tim Downes of Grant Thornton.

The land is in two contiguous titles with wide road frontage to Kohimarama Rd and vehicle access from 7 John Rymer Place. Its main address is 223 Kohimarama Rd.

"Under the council's current operative plan, the property is zoned Special Purpose Activity 1 - Healthcare Zone Overview with concept plans allowing for 200 self-contained units within a retirement village together with a range of ancillary activities." says Whillans.

"These include car parking, healthcare, offices, retail, libraries, personal services and restaurants, provided that the use of these facilities and services are restricted to staff, residents and their visitors."

The existing plan outlines two large building platforms. Platform One allows for a four-storey building with a maximum height of 15 metres and Platform Two allows for an 11-metre, two-storey building.

At the moment, an overall building coverage of 35 per cent of the site area applies, with a maximum 25 per cent impermeable paving and 40 per cent minimum landscaped area.

Whillans says a retirement village on the site makes good economic sense but the shortage of residential land in Auckland could also see it developed for housing with a private plan change request.

"There has certainly been very recent interest in developing this land from a retirement village operator and, as the suburb has a catchment made up largely of baby boomers, it would certainly provide a valuable service to the surrounding community," he says. "However, given the recent news on the council identifying large parcels of land elsewhere around Auckland for residential development, it could be that this is more suitable long term."

Whillans says the property has an exceptional level of amenities nearby, being less than a five-minute drive from Kohimarama beach, the Eastridge Shopping Centres and well-regarded public and private schools.

The receiver, Downes, says the Kohimarama land has been owned by one company and its predecessors for eight years. They had taken the property through the planning consent process, as well as paying the leasehold ground rent for 150 years, "making it effectively a freehold property", he said.

Businesses looking at cash-flow projections usually have a 10-20 year time frame in mind so the site will suit a retirement village operator, Whillans says.