A versatile landholding located in one of Auckland’s most prestigious residential precincts, serving as the Ōrākei branch of the Returned Services Association (RSA) since the 1960s, presents investors with equal parts legacy landholding and landmark potential, Bayleys brokers say.

Bayleys Commercial specialist Karen Yung is marketing the 923sqm (more or less) freehold site at 178 Kepa Road, for sale by auction, scheduled at 2:00 pm on Wednesday, 27th August 2025 (unless sold prior), alongside colleague James Chan.

Zoned Business – Neighbourhood Centre under the Auckland Unitary Plan, enabling a wide array of potential uses subject to obtaining appropriate consents, the site occupies a strategic position with high-profile frontage to one of the city’s key arterial routes linking the Eastern Bays to the CBD.

“With a regular shape, relatively flat contour and a favourable planning framework, the property provides an ideal canvas for mixed-use or community-focused redevelopment.”

Offered for sale with a leaseback arrangement to the RSA and additional income from a cell tower, returning approximately $120,000 per annum plus GST and outgoings.

Yung says that together, these dual revenue streams provide holding income while new plans are formulated, offering flexibility for purchasers exploring long-term repositioning or intensification.

“This is a rare opportunity to acquire a blue-chip landholding with existing income and significant upside in a suburb where properties of this calibre seldom come to market.

“The site’s scale, zoning and location mark it as one of the more exciting development propositions currently available in the Auckland isthmus.”

Improvements totalling 613sqm (more or less) feature a reception area, generous dining hall, fully appointed commercial kitchen, bar, lounge and gaming facilities.

The site neighbours the Eastridge Shopping Centre, is minutes from popular beach precincts, Mission Bay and Kohimaramara, and sits adjacent to the Kepa Bush Reserve – a significant ecological area adding to the suburb’s amenity value.

The brokers say Kepa Road’s high traffic volumes and street visibility make the site especially appealing for future users seeking profile and accessibility.

“Existing tenancies provide a valuable buffer for investors or developers with an eye on the long game, effectively offsetting early-stage holding costs while longer-term strategies are explored,” says Bayleys Asian Markets national director James Chan.

“Buyers benefit from immediate cash flow, underpinned by income from a well-established telecommunications lease, an uncommon advantage for a site of this calibre, primed for development. In today’s market, the ability to bank income while shaping future plans offers a desirable degree of flexibility.”

He says the site’s Business – Neighbourhood Centre zoning creates scope for a broad range of end uses, enabling new owners to tailor development to the evolving needs of the community while leveraging the suburb’s strong growth fundamentals.

“This is about balancing certainty with opportunity. Strategic, income-generating, and exceptionally well-located, it’s the kind of proposition that allows buyers to plan boldly while collecting income over the holding period – offering landmark potential in one of Auckland’s most sought-after suburbs.”