Snapshot - Eden Terrace 2016
Mar 16, 2016
Eden Terrace is an inner city suburb of Auckland located 2km south of Auckland CBD. In recent years it has begun to undergo a revitalisation as a residential suburb, due to the development of numerous apartment buildings, which often benefit from being north facing and elevated, yielding pleasant outlooks and vistas of the city. Convenience to Symonds Street, Mt Eden Road and New North Road cafes, as well as the nearby Basque Park make this suburb highly appealing and fashionable to first time apartment buyers seeking to get a trendy foothold in the market.
There are a number of buildings of interest in Eden Terrace. For further information please press here
The strong fundamentals of this city fringe location, such as its proximity to the Central Business District and other popular city fringe locations, along with easy access to transport routes and motorways ensures strong demand from investors, owner occupiers and developers. Favourable zoning changes / overlays, (height: 20.5m) absorption of vacant stock in the area, along with generally strong market conditions ensured not only a large number of transactions in Eden Terrace, but also some particularly strong land values being achieved and low yields for investment stock.
In 2015 the City and Fringe team capitalised on this energy and interest and sold in excess of $40 million worth of properties in the Eden Terrace precinct to a mix of developers, land bankers as well as investors looking for properties that offered opportunities to add value either through growing commercial rental rates, or converting vacant office to residential use due to the land being predominantly zoned Mixed Use.
A selection of our 2015 Eden Terrace transactions are summarised below. If you would like to discuss these, or any other transactions in more detail, please do not hesitate to contact me or one of the City and Fringe team.
