The site at 28-38 Stanley St, Parnell, accommodates a Caltex station. Photo / Supplied
What could be termed, "the jigsaw puzzle of urban renewal at Auckland's Carlaw Park", seems ready for completion, following news that the last significant development site in the valuable commercial precinct is on the market.
Colliers International is marketing the freehold property at 28-38 Stanley St, Parnell. Now home to a Caltex service station, the substantial 5441sq m site is to be sold by a deadline private treaty process, closing 4pm on October 24, unless sold earlier.
The site is at the gateway to Carlaw Park — a hub of modern offices, serviced apartments and student accommodation on Auckland's city fringe.
Peter Herdson, the national director of capital markets at Colliers, says the site is substantially underutilised as a service station; and provides an opportunity for developers to make the most of a generous Business Mixed Use zoning.
Herdson, who is marketing the property with his fellow director Jason Seymour, sees the chance to substantially reposition a landmark site located on the ever-tightening eastern fringe of Auckland's CBD.
"This is the last significant piece of the Carlaw Park puzzle," he says.
"A tremendous amount of development has reshaped the area in recent years, transforming what was an underused sports ground and surrounding properties into a thriving hub of activity. Caltex Stanley St is arguably the best remaining site in this previously overlooked area.
"Located less than a minute from the motorway interchange and a short walk to numerous amenities, the property has benefited greatly from the recent opening of the nearby Parnell Train. With Auckland's property fundamentals continuing to shine, this superbly located site presents multiple opportunities, including office, student apartment, residential and short-stay accommodation development.
"Mixed-use zoning allows for retail on the ground floor, with a range of development options above, making this truly one of the most versatile sites on the market right now."
The vendor, Z Energy 2015 Ltd, is offering the site for sale with vacant possession or a two-year leaseback. The lease would offer $250,000 of annual holding income while the new owner finalises redevelopment plans.
Herdson says the site is beneficially positioned to capitalise on Auckland's growth, being close to the city's motorway network, the CBD and the affluent suburbs of Parnell and Newmarket.
"Situated at the gateway to the highly successful Carlaw Park precinct, it is surrounded by modern development including prime office buildings, a Quest serviced apartment development and the University of Auckland's largest purpose-built accommodation village.
"It is five-minutes' walk to the University of Auckland, seven-minutes to the Parnell Train Station, 10-minutes to the CBD, and 15-minutes to Auckland City Hospital and the Auckland Museum."
The site's Business Mixed Use zoning aims to encourage medium density development that acts as a transitional area between residential suburbs and the city centre. Permitted activities include residential development, accommodation, commercial services, entertainment facilities and food and beverage. A height variation control on the site allows for development up to 32.5m.
Seymour says the site would suit both student accommodation or residential development. Demand for the former is growing as a result of the government's policy of free tuition for domestic students, alongside a steady influx of international students.
The property is at the corner of Stanley St and Nicholls Lane, opposite the intersection with Alten Rd; with the Caltex service station encompassing a truck stop and car wash. The station was built in about 1993 and upgraded in recent years. Its forecourt has four fuel pumps while the rear truck stop provides diesel via its four pumps, the pumps being served by four underground fibreglass fuel tanks installed in 1993.
There is a large aboveground LPG tank at the northern boundary of the property and the retail store includes a customer bathroom, manager's office and built-in chiller.
Seymour says the offering is one of the best development opportunities to come to the market in Parnell this year.