Developers, investors and land bankers will weigh options to unlock the potential of a large ‘underdeveloped’ residential site for sale in a prime Epsom location.

With an elevated position on the lower slopes of Maungawhau/Mt Eden, the Owens Road property offers sweeping views across central Auckland in one of the city’s most desirable suburbs.

It sits in the heart of the coveted ‘Double Grammar’ zone for enrolment at Auckland Grammar and Epsom Girls’ Grammar schools. These and other top schools are a short walk away.

An existing two-storey building on the more than 2,200-square-metre freehold landholding is run as a boarding house. This 22-room facility offers new owners the prospect of an immediate holding income while they explore the site’s untapped potential.

Bayleys salesperson Millie Liang said the residential-zoned site was considered underdeveloped – with versatile possibilities to unleash greater value through redevelopment and intensification.

This could include the creation of new luxury homes, boutique apartments, or commercial accommodation – subject to planning approvals.

“The views and coveted central location add significant value to this property, making it an attractive option for owner-occupiers seeking a premium lifestyle or developers looking to capitalise on the scenic appeal.

“Astute buyers will recognise the area’s strong investment appeal. Epsom has a proven track record of strong capital growth, driven by its central location, excellent schools, amenities and accessibility, which in turn drive perennially strong demand for housing,” Liang said.

The freehold land and buildings at 79 Owens Road, Epsom, Auckland, are being marketed for sale by Liang and colleague Jiali Liu of Bayleys Real Estate.

The property will go under the hammer at an auction on Wednesday 21 May, unless it is sold prior.

The existing buildings of approximately 192 square metres are underpinned by some 2,245 square metres of residential-zoned freehold land.

Liu said the site’s redevelopment potential could receive a boost from Auckland Council moves to meet growing housing demand through the proposed Plan Change 78.

Potential future options included townhouses, apartments, student accommodation – or a statement family home, she said.

“With Newmarket, Auckland Hospital, Epsom’s healthcare hub, and the University of Auckland nearby, this area is keenly sought after by tenants including families, professionals and students, ensuring strong rental demand and yields.

“With Auckland’s population growth and housing shortage, properties in central locations like Epsom are likely to remain in high demand. Opportunities to secure a foothold in this location with a piece of blue-chip real estate on the scale of the Owens Road site are rare,” Liu said.