Racecourse lots good bets for developers

"The two sites are for sale on a freehold basis with titles to be issued," says John Stringer of Barfoot & Thompson Commercial who, with colleague Cam Paterson, is marketing Lots 6 and 7, at 12 and 16 Peach Parade, Remuera, for sale by deadline private treaty closing at 2pm on Tuesday November 28.

Zoning

Under the Auckland Unitary Plan, Lot 6 of 5857sq m is zoned Residential Mixed Housing Urban; while Lot 7 of 1097sq m is zoned Residential Mixed Housing Suburban.

"Ellerslie Racecourse is a privately-owned area of open space owned by the Auckland Racing Club which has been operating in Ellerslie for over 150 years," Stringer says.

"This sale will provide additional income which will improve the financial security of the club, and in turn, ensure the long-term viability of horse racing on the adjoining land.

"The two lots are situated on the boundary of the racecourse and both have access to Peach Parade along with magnificent outlooks west over the racecourse."

Stringer says the club identified several years ago that it had surplus land available, which if sold or leased, would provide ongoing income to support the club’s racing activities.

"In 2011 the club was successful in rezoning 5.8ha of land from open space to Residential and Barfoot & Thompson was successful in selling this land in 2013.

"Lots 6 and 7 are contained in a Stage 1 subdivision plan for which the Auckland Racing Club Inc received resource consent approval on July 10 this year to subdivide nine titles into fee simple lots," Stringer says.

Paterson says Lot 6 at 16 Peach Parade is a long narrow piece of land sharpening to the western end and located on the northern boundary of Ellerslie Racecourse.

The site

"The site has a 205m boundary to Peach Parade with a parallel 291m boundary to the racecourse. It has a depth of 23.7m with a short diagonal boundary neighbouring residential properties. Its zoning permits a height limit of 11m plus one metre for the roof.

"As such, the long narrow shape and length of the boundary makes this site ideal for residential subdivision or development," Paterson says.

Lot 7 at 12 Peach Parade has a 55.6m northern boundary to Peach Parade with the eastern boundary of 20m adjoining residential property.

"The site has a slightly elevated sunny western aspect overlooking the racecourse and One Tree Hill," says Paterson.

"A stormwater easement runs through the site and does restrict development as is, but the site is large enough that the easement could be built around or possibly be moved around the edge of the site. The allowed maximum height limit under the Auckland Unitary Plan is eight metres plus one metre. Accordingly, Lot 7 is most likely suitable for single or multi dwelling development," says Paterson.

Location

He says the Ellerslie Racecourse is bounded by the southern section of the State Highway 1 motorway, with the Greenlane motorway interchange northwest of the racecourse site, and the Tecoma St on-and-off ramps to the southeast.

The Greenlane Railway Station is located near the motorway interchange while Ellerslie Railway Station is close to the Ellerslie Town Centre.

"Remuera Village is only about one kilometre north of the racecourse with a New World supermarket, numerous cafes and retail shops catering to the affluent surrounding catchment area," Paterson says.

"Even closer is Ellerslie township with a range of attractive cafes, shops, restaurants and bars."

Paterson says the Auckland Racing Club holds 27 race days each year with the attendance demographic becoming younger and wealthier.