A Sydney developer has listed a 1.2-hectare site on Sydney’s coveted North Shore with the asset expected to realise over $80 million.
Lindsay Bennelong Developments’ listed the property, which sits within their $400 million Gore Hill Technology Park. The site adjoins Fox Sports, Richard Crookes Construction and the Australian Securities Exchange data centre.
The listing, a “once-in-a-generation” opportunity, represents the first major North Shore land development opportunity this year.
Spanning 1.2-hectares, the site provides access to secure power sources and essential infrastructure. The last commercial sale in the area was John Holland’s acquisition of a $170 million site in Sydney’s Macquarie Park from the NSW government.
Related reading: AMP Appoints Construction Partner for Quay Quarter Project
Knight Frank’s Arland Domingo and Angus Klem, along with GJS Property’s Chris Bailey, are marketing the asset on behalf of Lindsay Bennelong Developments.
Knight Frank sales director Arland Domingo said that the property is the only one of its size available in inner-city Sydney.
“The site features a prominent 134-metre frontage to the Pacific Highway, and is located within the immediate vicinity of a large medical precinct comprised of the Royal North Shore Hospital, North Shore Private Hospital and the Mater Hospital.
Related reading: Sydney North Shore Office Market Continues to Climb
"The range of development options has the potential to attract a unique cross-section of occupiers. Recently re-zoned, the site enables a wide range of users and permissible uses, including medical, and has master-plan approval for 56,250 square metres of commercial use,” Domingo said.
Gore Hill is located within close access of Sydney’s domestic and international airports, and the site is two kilometres away from the new Crows Nest train station being developed as part of the $20 billion Sydney Metro.
The expressions of interest campaign closes 8 March.