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Manly's last two torrens titled houses to hit the market

The Property Addict / Distinct Dwellings

Australia

Aug 07 2017

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Sydney beachfront opportunities particularly in iconic locations like Manly, will always be fiercely contested due to unprecedented competition between domestic and offshore developers, explosive population growth and unsatisfied demand as a result of a shortage in available opportunities over the last decade.

For the first time in almost 50 years, the last two Torrens Titled houses in arguably the most tightly held strip of real estate on the Northern Beaches are set to hit the market with vacant possession as Royal Far West relinquishes the property to help fund the construction of the new Centre for Child Health and Learning.

The new integrated Royal Far West Health and Learning facility will be a truly unique asset to Australia, reaching up to 15,000 families with services and support that help country children reach their full potential.

The two heritage listed Torrens Titled homes are located at 15-16 South Steyne, and the 385.4sqm combined site area sits within the Manly beachfront, ideally located between The Corso and Manly SLSC at South Steyne. The flexible B2 Local Centre zoning carries with it the following zoning objectives and permitted uses: Manly Local Environmental Plan 2013 Zone B2 Local Centre and offers 15.92 metres of street frontage along South Steyne and 23.47 metres along Victoria Parade.

For sale exclusively through Stuart Cox, Neil Cooke and Tim Grosmann of Savills Australia, the site’s completely unique South Steyne position boasts uninterrupted views of one of the world’s most recognised beaches and there is potential for 963.5sqm of gross floor area (subject to council approval) and a height limit of 10 metres.

According to Stuart Cox, Director of Residential Site Sales for Savills, due to its idyllic coastal location, Manly has long witnessed significant levels of demand from local and overseas purchasers. 

“Well located projects in close proximity to shopping locations, public transport nodes, and especially the beaches demand the highest prices per square metre.

“The demand for trophy homes in Manly has driven the median value house from $2,145,000 to $2,912,000 over the past three years with the average capital growth rate sitting at 12 per cent p.a. Keeping in line with houses, the demand for residential apartments in Manly is at record levels and vacancy rates are below 1.5 per cent” he said.

With the suburb’s population at 15,072, this high level of demand has been driven by a number of unique factors, mainly: the return of investors and the influx of Self-Managed Super Fund direct investments (SMSF); significant inflow of overseas investors; record low interest rates alongside record high rents; underlying housing shortage coupled with an anticipated population growth and increased demand for property assets in affluent suburbs.

According to Neil Cooke, Director of Residential Sites Sales at Savills, the demand for housing in Manly has seen many international and domestic developers purchasing assets to keep pace with demand and rising unit prices.

“Since 2013 the demand for owner occupied grade dwellings has soared with the average unit price increasing from circa $726,000 to $1,352,000 or an average annual growth of 17% pa compounded. The suburb is very well received by professionals and families being well connected to a variety of transport nodes that offer swift access to Sydney’s CBD via the ferry or bus”.

Mr Cooke went on to say that the premium prices paid by investors and owner occupiers as demonstrated above has resulted in apartment revenues for newly constructed residential developments averaging $30,000 per sqm with some resales reaching over $40,000 per sqm of net saleable area for premium owner occupier grade stock”.

The new Centre for Child Health and Learning will be erected on the site of the existing Elsie Hill Building in Wentworth Street, adjacent to RFW’s guest accommodation Drummond House. No building or reconstruction will be taking place on RFW’s waterfront land under this Stage One development.

It is envisaged that the construction of the new Centre will take around 18 months and will offer Speech Pathology, Occupational Therapy, Developmental Paediatrics, Social Work, Physiotherapy, Dietetics, Orthoptics, Child and Adolescent Psychiatry, Dentistry, Nursing Care, Mobile Support, Accommodation and Telecare all under one roof.

15-16 South Steyne Manly is for sale through Savills Australia via an Expressions of Interest campaign closing 4pm Thursday 14 September 2017.

SOURCE: Press Release

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