A highly-attractive, mixed-use development opportunity has arisen in the heart of one of Auckland’s finest seaside suburbs, located at 40 Anzac Street and 30-38 Hurstmere Road.
The collection of sites in Takapuna is exceptionally well located in the town centre, within the main commercial triangle bound by Anzac Street, Lake Road and Hurstmere Road.
The opportunity is being marketed by Martin Boys and Andrew Stringer from CBRE who are asking for parties interested in developing either part, or all, of the site to register their interest by 22 March. A formal Expressions of Interest process will commence in late March and will be open to all registered parties.
Abutting the main Takapuna bus station on Lake Road and with a planned town square that will connect to Takapuna Beach via Hurstmere Road and Hurstmere Green, the land is perfectly-placed to leverage the proximity to the waterfront and capitalise on pedestrian activity.
Panuku Development Auckland is now seeking a development partner or partners to help deliver a Panuku vision for the Anzac Street precinct.
Panuku will be delivering a new town square on part of the site to create a vibrant space for the public to enjoy and provide improved connectivity between the main bus station on Lake Road and the hospitality and retail hub on Hurstmere Road. Final design of the town square is not yet finalised, but it is anticipated to be in the order of 3,000sqm.
The balance of the site (circa 6,000sqm net of the town square, boundaries to be finalised) will be available for redevelopment in partnership with Panuku and offers opportunities for interested parties to acquire all or part of the land and deliver Panuku’s vision of a high-quality mixed-use precinct with enhanced pedestrian connectivity.
CBRE Director of Structured Transactions and Advisory Services Martin Boys says an underlying Metropolitan Centre zoning enables a range of commercial and residential uses.
“The category of zoning is second only to the City Centre in terms of the combination of economic activity, residential intensification, public facilities and public transport accessibility. The implications of this potential growth are significant in terms of the future provision of adequate open space, social infrastructure and supporting commercial activities in Takapuna.”
Under the new planning provisions, Takapuna-specific rules have been put in place to enable development that will create a quality-built environment complementary of coastal character. A height limit of up to nine storeys (with a setback after three or four storeys) applies to the majority of the site while buildings on Hurstmere Road can be developed up to six storeys (with a setback after two to four storeys).
“This wide-ranging planning scope combined with a stunning and highly liveable location with the beach reserve only 200 metres away, provides a great canvas for a visionary developer to stamp their mark and seize this once in a lifetime opportunity to be part of further improving the vibrancy of Takapuna.”
Panuku Development Auckland Director Development Allan Young says successful redevelopment of the site is seen as a key part of achieving Panuku’s vision to ‘unlock’ Takapuna.
“Takapuna is blessed with so many fantastic lifestyle attributes and in keeping with our vision for the wider regeneration of the area, we’re looking to facilitate the delivery of developments that make the most of the lake and seaside setting and help create a safe, accessible and vibrant town centre oriented around pedestrians and cyclists.”
“Much of the early planning phases and engagement with local community has occurred to get to this point, we’re now looking to a high calibre development partner or partners to produce high quality, sustainable development in alignment with design principles for Takapuna and are seeking outcomes that contribute to Takapuna’s urban identity. To create a civic heart for Takapuna centre that celebrates its identity and attracts people, activity and enterprise.”
The site will continue to be used as a carpark until mid-2020 when the new multi-level Gasometer car park building will open to serve the Takapuna centre. Located just 200 metres from the subject site at 14 Huron Street, the new parking building will include approximately 420 car parks as well as electric car and bike charging stations, bike storage, motorbike parking, accessibility parking and “end of trip” facilities including changing rooms. Construction is already underway.
Meanwhile, Auckland Transport will be upgrading Hurstmere Rd with a redesigned streetscape that prioritizes space for people and cyclists and reduces vehicle traffic to one lane between Anzac St and Lake Rd. These works are expected to commence in mid-2019 and be at or near completion by the time the Anzac St site becomes available in mid-2020.
Residential activity is the primary land use within the wider Takapuna area, with a range of typologies from freestanding dwellings to multi-unit apartments. The most prominent developments from a visual perspective are the 30 storey Sentinel and the 23 storey Spencer on Byron to the south of the centre. New investment continues to be attracted to the area as well with several apartment projects currently under construction or being marketed in the immediate area at present.
Takapuna is the fourth largest employment centre within Auckland, after the Auckland CBD, Newmarket and Manukau City Centre. Many organisations based in Takapuna are engaged in office employment, with the major employers being the Inland Revenue Department. Most commercial use is now smaller operators and commercial tenants that use smaller floor areas. Takapuna has however retained its major commercial focus on retail with a growing hospitality sector.
Takapuna Beach and the adjacent foreshore reserves form the major recreation focus within Takapuna, attracting people from throughout the wider Auckland region. Hurstmere Green, adjacent to Hurstmere Road and opposite the subject land, had a $2.7m upgrade in 2012 that created a stronger visual connection to Takapuna Beach and a more integrated interface with Hurstmere Road and its surrounding commercial properties. The reserve is 2,500m2 with a number of mature trees, a stage, grassed areas and terraced seating.
Boys says seldom has a development opportunity arisen in such a great location and offering such strong liveability attributes.
“The size and location of the site provides an extremely exciting opportunity for high quality mixed-use development that, together with the new public spaces being developed, can unify the centre of Takapuna.”
ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com..
