SINGAPORE (EDGEPROP) - Marketing agent Bayleys Knight Frank is offering a land development investment opportunity at 65-71 Federal Street in Auckland, New Zealand. The 15,726 sq ft site is at the corner of Kingston Street.

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Bayleys Knight Frank is a partnership between Knight Frank and New Zealand-based Bayleys.

The plot of land was recently granted resource consent by the Environmental Protection Authority to be developed into a 55-storey residential apartment tower with a nine-storey podium.

“The site has received fast-track consent at a 29:1 plot ratio (29 sq m [312 sq ft] of building to 1 sq m of land). This opportunity offers more than double the developable floorspace of any other approved land holding in Auckland’s CBD to date,” says Ryan Johnson, Bayleys’ national commercial and industrial director.

He adds that the new development could be built up to 183 metres and have a gross floor area of 511,745 sq ft. This would make it one of the tallest buildings in the city’s CBD and reshape the skyline.

An existing seven-storey carpark building sits on the site. The carpark is leased to Secure Parking New Zealand until April 2029, with a three-month surrender/termination clause in favour of the lessor. According to Bayleys Knight Frank, the lease currently generates gross annual rental revenue of NZ$1,450,000 ($1,224,744) plus GST.

“In combination with the current annual holding income in excess of NZ$1 million from a car parking lease and the site’s corner position in an area undergoing significant rejuvenation, this makes it an exceptional landmark development offering. The car parking lease would also provide income while any presales or leasing commitments are being secured,” says Johnson.

According to a press release from Bayleys Knight Frank, the Federal Street precinct, where the site is located, has been identified in the Auckland City Centre Masterplan as part of a pedestrian priority laneway network connecting city-centre destinations and character precincts. It is receiving major upgrades to improve walkability and promote pedestrian traffic.

“This listing is expected to attract strong offshore interest considering its rarity and unrivalled development value. There has been a noticeable increase in Southeast Asian investment interest in New Zealand in recent months,” says David Bayley, Bayleys’ executive director. He adds: “The significant recent fall in our exchange rate against most currencies is also helping stimulate offshore interest, particularly from Singapore but also from the US and Australia.”

The site is marketed for sale by international expressions of interest, and will close on Dec 8.