Published 29 August 2019, updated 4 September 2019:
A small historic building – the former Fitzroy Hotel – and a rear parking lot near the top of Wakefield St in the Auckland central area’s Learning Quarter were passed in on a vendor bid, with no buyer in sight, at Savills’ auction on Wednesday.
The absence of buyers wasn’t surprising, given a preference by developers to establish designs & likely outcomes before entering a transaction.
Update: In light of the above, the property went under conditional contract within hours of the auction.
The property has been a development prospect for at least 15 years. Over the 5 years 2004-09, Chinese developer Huang Yuan Cheng sought to develop the 2 sites at 75-77 & 79 Wakefield St for apartment towers, but was defeated by opponents’ applications for heritage status for the former hotel, conceding defeat and putting the properties on the market in 2008.
75-77 Wakefield St (now 8 Lyndock St) was taken to auction on Wednesday by Terry Huang (Wakefield Terrace Ltd), who bought the property in 2015 but now lives in Queensland. That property now has consent for 156 student rooms on 14 levels, plus a lower-ground floor, with total gross floor area of 3608m², and a resource consent application has also been made for 80 apartments.
The new application would separate the new building from the heritage building and place a light & air easement on the front heritage building.
The property is zoned business city centre, which provides for a 50m height limit for the new building and a 6:1 site coverage ratio. Air rights could also be transferred from the front title.
Updated: 8 Lyndock St (formerly 75-77 Wakefield St):
Features: 3608m² site, existing 3-storey building 490m² gross floor area
Current income: about $220,000/year
Outcome: with no buyer in the room, a vendor bid was placed at $5.75 million and the auction closed; under conditional contract following auction
Agent: Colin McKenna (Savills)
9 October 2009: Ex-Fitzroy scheduled heritage A
23 May 2008: Fitzroy Hotel site up for mortgagee sale, aimed at owner-occupiers
30 April 2008: Apartment development sites passed in
18 April 2008: Developer puts Wakefield & Liverpool apartment sites on market
9 April 2008: Commissioner grants Fitzroy consent extension
14 March 2007: Wakefield Tower applications back before commissioner
1 May 2006: Golden City seeks extension of existing Fitzroy consent
25 January 2005: Apartment block beside Fitzroy approved
12 November 2004: Councillors vote Fitzroy category B heritage status
8 July 2004: Councillors turn down category A proposal for Fitzroy
6 May 2004: Historic Places Trust enters Fitzroy action
3 May 2004: Independent commissioner OKs Golden City’s demolition of ex-Fitzroy
27 April 2004: Commissioner to decide if Fitzroy to get reprieve
4 April 2004: Councillors vote to schedule 1850s building as developer promotes replacement apartment block
Attribution: Auction documents.