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Leafy Lower North Shore site to lure developers

People & Companies / Latest News

Australia / Sydney

Oct 15 2018

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A five-storey commercial building and associated residential dwelling in the leafy suburb of Greenwich, on Sydney’s blue-chip Lower North Shore, hit the market last week with expectations of circa $30million. 

The two adjoining properties are being sold by Ramsay Health Care, Australia’s largest owner of private hospitals, which has operated a hospital on the site since 1973. Ramsay Health Care has recently built a replacement hospital in St Leonards. 

Billed for mixed-use or residential development subject to council approval, 2 Greenwich Road and 3 Anglo Road occupy 2,464.8sqm of prime Commercial Core and Low Density Residential land under the Lane Cove Local Environmental Plan 2009.

Savills Australia’s Neil Cooke, Stuart Cox and Johnathon Broome have been appointed to manage the international expressions-of-interest campaign, saying they expected significant enquiry from mid- to long-term investors, as well as “sophisticated developers looking to finalise the permit-planning process and develop a landmark boutique residential project”.

“Such prestigious development opportunities rarely come to market in this tightly held Lower North Shore location,” Mr Cooke said.

“The property offers genuine income potential with the additional upside of a future mixed-use development (STCA).”

For the 2 Greenwich Road parcel, the planning proposal recently received “Gateway Approval” to include “Shop Top Housing” as a permitted use, and an increased building height limit from 25 metres to potentially 33 metres, with the proposed floor space ratio maintained at 3:1.

“The existing building enjoys outstanding panoramic and uninterrupted views back to the Sydney CBD and Sydney Harbour, which will only be improved through further redevelopment of the site,” Mr Cox said.

“This asset is strategically positioned to do just that, by capitalising on its mixed-use or residential redevelopment potential in the future (STCA).”

Mr Cooke said the unique site represented an opportunity to acquire a substantial parcel of land situated within the Greenwich North Transit Village area, which forms part of the St Leonards Neighbourhood Centre.

“The close proximity to the St Leonards CBD offers an abundance of convenience and amenity, in the form of rail and bus transport, retail and recreational facilities,” he said.

“Prospects to acquire a significant site capable of providing a high quality mixed-use development within such close proximity to all desired amenities are limited.”

Mr Cooke went on to say that Greenwich was one of the most sought-after suburbs for commercial investment and residential development in metropolitan Sydney, with “excellent demand for owner-occupier residential apartments in this location”. 

“This is supported by incessant population growth and extensive sales evidence from recent luxury projects released to the North Shore market, predominantly within North Sydney and St Leonards,” he said.

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