An Auckland CBD development site which has been granted
fast-track planning approval for a residential tower which
would be one of New Zealand’s tallest high-rise buildings
has been placed on the market.
The
1,461sqm land holding at 65-71 Federal Street, on the corner
with Kingston Street, is currently occupied by a seven-level
parking building but it is being sold with a recently
granted resource consent from the Environmental Protection
Authority for a 55-storey apartment building with a
nine-level podium.
The tower was approved under the
Covid-19 Recovery (Fast Track) Consenting Act 2020 designed
to speed up the resource-consenting process. It is consented
at a 29:1 plot ratio (29sqm of building to one square metre
of land), allowing the property’s purchaser significantly
more development than a typical land holding of this size in
Auckland’s city centre.
Bayleys’ National
Commercial and Industrial Director Ryan Johnson says the
site’s resource consent holds considerable value. “It is
an extremely rare opportunity, with the density of
development approved for this site substantially higher than
what has been achievable on other sites throughout
Auckland’s CBD to date. In combination with current annual
holding income in excess of $1million from a carparking
lease and the site’s corner position in an area undergoing
significant rejuvenation, this…
