Significant investment and development potential on offer with Waipuna Hotel and Panmure town centre land sales

The Waipuna Hotel & Conference Centre and a large land parcel in Panmure town centre have been placed on the market, offering investors and developers the opportunity to own and further develop two strategic land holdings in a rapidly-regenerating location.

CBRE Director Natasha Sarkar is handling the sales of the two properties with colleagues John Holmes, Brent McGregor and Warren Hutt. The sites are available separately and with vacant possession, offering multiple options for their new owners. 

“Undeveloped land on both sites makes residential development alongside the existing well-established operations a strong possibility. This is enhanced by the exceptional local amenity value, which includes Sylvia Park, rail and bus stations nearby,” Sarkar says.

The Waipuna Hotel & Conference Centre, at 58 Waipuna Road, Mt Wellington, occupies a 2.5 hectare waterfront site facing north over the Panmure Basin. It is the largest freehold parcel of land adjoining the basin, with a 230-metre waterfront boundary.

 
The complex is one of the largest and most comprehensive conference facilities in New Zealand. Developed progressively from 1966 through to 1990, it includes several buildings housing 148 hotel rooms, 17 conference & meeting rooms, a 400 seat tiered theatre, restaurant & bar, pool, spa and gym. 450 car parks are also on-site.

The significantly under-developed site presents a range of opportunities for the new owner, including partial or full redevelopment, says Holmes.

“The site is offered with vacant possession, allowing purchasers to reposition and rebrand the conference and accommodation product, which is very well established in this location. Some of the site could also be redeveloped into housing while continuing the hotel operations, or the new owner may opt for a full-scale housing subdivision over the entire site.”

The property benefits from unobstructed north-facing water views, dual road access and proximity to Sylvia Park and the motorway, he says.

“The site’s waterfront site and views, connection to public transport and Sylvia Park as well as flexible mixed use zoning naturally lends itself to several different uses, with education and church group use also among the many future possibilities.”

Across the basin in Panmure Town Centre, 163 Queens Road features two hospitality premises (including the historic Panmure Tavern) and a small medical practice, on 3,718sqm of freehold land spread across two titles. 

 
The 130 year old Panmure Tavern building is Category 2 heritage listed, with the adjoining buildings newer additions. Most of the high profile corner site is vacant and used for car parking, offering a strong value proposition for developers, says Sarkar.

“The size of the site means it could accommodate residential development while retaining the historic tavern building, as well as some or all of the other existing buildings. This will be considered a prime residential opportunity on central Panmure town centre land, with dual street access and proximity to amenities which is well suited to high density housing.”

The site’s Business Mixed Use zoning permits development up to 27 metres high, which would capture panoramic views of Mount Wellington and the Panmure Basin. The zoning also permits mixed-use developments encompassing retail, commercial and residential use.

Like the Waipuna Hotel, 163 Queens Road is in an excellent location with outstanding local amenities and positive future demand dynamics, Holmes says.

“163 Queens Road is an extremely well-connected location, with Panmure Station and Panmure Bus Exchange within walking distance. Access to and from Panmure has been further improved with the opening of the Eastern Busway, which links Panmure to Botany. Nearby Sylvia Park also offers a fantastic range of retail, food and entertainment.”

Panmure is also one of the key centres involved in the large-scale Tāmaki regeneration programme, with town centre revitalisation, pedestrian and cycleways, and several neighbourhood housing development projects underway and planned. This urban renewal is expected to further boost the attractiveness of Panmure to residents and businesses, says Sarkar.

“Panmure has been identified by local authorities as an important town centre, given its extremely well-connected location and the multiple employment opportunities nearby. This makes the site ideal for residential development, which could also include a build-to-rent element alongside owner-occupied apartments.”

The two properties are for sale by expressions of interest closing at 4:00pm on Thursday 5 September 2024.