Zoning
Atherton says the current zoning is Residential 7A under the under the Auckland City Council's Isthmus Operative District Scheme. The strategy for the zone is characterised by a range of building types and includes relatively high rise, high density development over three and four levels.
The zone controls include a maximum height of 10 meters and a site intensity of one dwelling per 200sq m (1:200sq m).
"However, a big attraction for investors and developers is a planned zoning of Residential Terrace Housing and Apartment Buildings under the Under the Proposed Auckland Unitary Plan [PAUP] which allows for buildings up to four-storeys high," says Atherton. "Under the proposed zoning there are no site intensity maximums, with bulk and scale of building controlled by maximum height, set-backs, minimum yard requirements and height in relation to boundary and building coverage. The maximum height is 13.5 metres or 14.5 metres if a semi-basement is provided.
Investment Opportunity
"As such, this property represents a superb investment opportunity with a secure income stream in place and future development potential under the Unitary Plan."
Atherton says Herne Bay is recognised as being one of the most expensive suburbs in Auckland along with the surrounding areas of St Marys Bay, Ponsonby, Westmere and Freemans Bay.
"This is due to its closeness to the Auckland CBD, the size and style of the houses in the area, and the range and number of nearby amenities. Jervois Road features localised shopping with hospitality and boutique retail outlets along with varied office and service providers.
"The arterial transport network in this area offers excellent connectivity with regular city bus routes providing quick and easy access to the CBD."