Rural property on Auckland's north-western metropolitan boundary which has multiple commercial revenue streams with consent to create a new housing and lifestyle block subdivision has been placed on the market for sale.
The 59.56-hectare block at Pollard Lane in Waimauku is currently operated as cattle grazing block, with income from two telecommunication towers. It has been in the same ownership for over 60 years.
The property known as Silver Pines Farm is being marketed for sale by Bayleys Real Estate through expressions of interest, with offers closing at 4 pm on June 27. Bayleys' capital markets and investment sales director, Layne Harwood, said there were multiple development permutations for the property, located some 35 kilometres north-west of Central Auckland.
Existing resource consent for the property issued in January 2015 allows for the subdivision of seven new residential lifestyle block titles around one hectare in size, plus a larger residual lot. As part of the consent, some 31 hectares of protected native bush and wetlands will be covenanted for the proposed subdivision.
Mr Harwood said more intensive subdivision was permitted within an area of approximately 9.36 hectares in the Single House Zone - with concept plans considering various options:
The creation of 33 residential lots of approximately 2,500 square metres each
The creation of 46 residential sections of approximately 1,500 square metres each
The subdivision of 65 residential sites of approximately 800 square metres each.
"So there is the opportunity of creating a lifestyle block enclave, right up to a standard suburban environment, with an additional area for more intensive residential use," Mr Harwood said.
"All development options will benefit from the immediate proximity to the protected native bush and wetland areas, which would be in exclusive ownership. Excellent views are available from the elevated north-facing position.
"The two telecommunication towers are located on the property's southern boundary atop the hills and above the development sites."
One telecommunications provider has a lease running through to 2021 with two further six-year rights of renewal, generating $9,000 per annum, while the other telecommunications provider has a lease running through until 2021 with two further six-year rights of renewal, generating $12,000 per annum. Both leases have three-yearly rental review clauses.
Mr Harwood said that in addition to the main site entrance from Pollard Lane, part of the farm was also accessible off Wintour Road. He said the property could continue to be used as a run-off block for grazing cattle and be leased in the short term from any new owner.