Members strongly approve Alexandra Park’s village plans

Press Release – GBSA

Members strongly approve Alexandra Park’s village plans

At a Special General Meeting of the Auckland Trotting Club this week members voted overwhelmingly in support of developing a new urban village on part of the site’s existing car-park.

“Keeping harness racing alive in Auckland for the coming decades is now looking a lot more secure. This latest support from our members’ caps off what has been a great year for the club – its 125th year no less,” says Alexandra Park CEO Dominique Dowding.

Ms Dowding says the club’s formal decision to proceed with the project’s estimated $205.4m cost was the biggest decision the members have ever made. Members voted for the club’s “mixed used” residential, retail and hospitality proposal knowing it is key to the club’s long term viability.

Alexandra Park’s 223 Green Lane West development will see the car-park adjacent to the ASB Showgrounds transformed into a mixed-use precinct comprising of 4,773sqm of ground floor retail space with 231 apartments above. Apartment prices will range from $550,000 through to $2.8m+ for a penthouse.

“We’re lucky because Alexandra Park is seen as pretty iconic real estate. It’s a very central location that’s just waiting to be drastically improved. We expect the sales process to be hot, with apartments appealing to the likes of empty nesters, young urban professionals, and families seeking the much sought after double grammar zone.

“What we’re trying to achieve here is a really attractive and stylish 21st century urban village with great design, amenities and public spaces in the heart of Epsom. Aesthetically it’s going to be a huge transformation from the ugly old dust-bowl car-park to a new village with great boutique retail stores and top food and beverage. It will be a real lifestyle destination,” says Ms Dowding.

Originally Alexandra Park had consent for three commercial buildings but Dowding says the club revisited this when Auckland Council’s draft Unitary Plan presented itself and promoted a greater emphasis on Auckland delivering more residential developments on brownfield sites. The park’s underlying zoning is now proposed as “Major Recreational Facility” with 223 Green Lane West now deemed “Mixed Use”.

The consented development would see the club retain ownership of the ground floor retail space boosting its rental income stream, while the apartments in the four buildings above would be sold under freehold unit titles.

Given most of the project’s cost will be borrowed up front, Ms Dowding says the club has gone to significant lengths to mitigate any risk.

Ms Dowding says all things being equal Alexandra Park’s new real estate offerings would come to the market in February next year with future trucks moving people in by the end of 2016.

She says rest assured, an excited Alexandra Park will be releasing more information about its urban village over coming months.

www.alexandrapark.co.nz

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