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Mortgagee sale offers chance to join Drury development boom

The upcoming mortgagee sale of a large vacant site ripe for residential development offers buyers the chance to play their part in the growth of a booming new South Auckland urban hub.

The more than eight hectares of bare freehold land on offer in Drury is surrounded by some of New Zealand’s most ambitious residential and commercial development projects in an area undergoing huge expansion.

With residential zoning approved via a private plan change, the site for sale on Karaka Road is part of the wider Waipupuke master-planned residential subdivision.

It sits minutes from State Highway 1, and around 450 metres from a planned train station, positioning future residents well for commuting to Auckland or Hamilton or to capitalise on burgeoning employment locally.

The landholding at 323-329 Karaka Road, Drury, is now being marketed as a prime opportunity for an intensive housing development, or for land-bankers to capture future gains through a strategic stake in the fast-growing area.

It is being offered for sale through Peter Sullivan, Kristina Liu, Sunil Bhana and Mike Houlker of Bayleys Real Estate.

The mortgagee sale will close on Thursday 13 July.

Sullivan said the property consisted of some 8.1 hectares of undulating land across two freehold titles.

“Historically considered rural land, the site is now zoned for higher and better urban purposes. It is positioned in an area experiencing significant growth, with numerous big commercial and residential projects underway.

“There are fundamental upgrades in progress to the local infrastructure and transport networks to support the growing economy in what was the rural area south of Auckland.

“Situated less than 40 kilometres from central Auckland, the intersection of the railway with State Highway 1 in this area is a key reason why Drury is considered to be one of the last key development locations in Auckland,” said Sullivan.

Liu said the Drury and Karaka areas were expected to continue to expand as Auckland’s population grows, along with demand for housing and commercial space.

“The mortgagee sale of the Karaka Road landholding offers buyers the chance to be part of the development action in this fast-growing location, or to landbank for the future,” she said.

The site now sits within the Residential – Mixed Housing Urban zone under Auckland’s Unitary Plan.

“This opens the way for the creation of housing typically up to three storeys, in a variety of sizes and forms including detached homes, terrace housing and low-rise apartments,” said Liu.

Bhana said this zoning was designed to increase the capacity and choice of housing within neighbourhoods.

It also seeks to promote walkable neighbourhoods, fostering a sense of community and increasing the vitality of centres.

“The site for sale is positioned in an area which is seeing unprecedented expansion, with Drury and surrounding areas such as Takanini and Papakura targeted for enormous growth over the coming years and decades – boosting demand for property of all types,” said Bhana.

Houlker said this was leading to vast areas being opened up for development.

To the east of the Drury State Highway 1 interchange, it is proposed to rezone 328 hectares to form a major new urban hub.

“Driven by Kiwi Property, Oyster Capital and Fulton Hogan, the Drury East project is set to add around 7,000 new homes, nearly 120,000 square metres of retail space, and some 58,000 square metres of new offices. It also provides for a new hospital precinct, three schools, a new library and public open spaces,” Houlker said.

Just to the south, the Stevenson Group’s Drury South Crossing project will see more than 360 hectares of land give rise to a master-planned, mixed-use precinct combining industrial, commercial and residential activities.

Also nearby are the 104-hectare Karaka Road site bought by Fisher and Paykel for $275 million to create a new business campus, and the 4,500-home Paerata Rise residential project.

“With more than 40,000 new homes set to be built and 38,000 new jobs expected over the next 30 years, KiwiRail has committed to building two stations in Drury and one in Paerata. A bus interchange will be integrated with the new Drury Central station, supporting frequent services along Great South Road,” Houlker said.

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