A private investor has paid $10.5 million for a 1,970 square metre site once owned by the NSW Government in the tightly held inner-west suburb of Five Dock.
Once used as a motor registry, the site is located seven kilometres west of the Sydney CBD, and was marketed with development potential. Parts of the site remain undeveloped aside from the 372 square metres of NLA from the existing two-storey brick building, which on its own may be capable of accommodating substantial additional floor space.
Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia handled the divestment of the government asset as the former motor registry was deemed surplus with the roll out of the new Service NSW centres.
“This land offers excellent development upside (STCA) within close proximity to the Sydney CBD, local retail and transport amenities which gives reason as to why we were inundated with unprecedented levels of enquiry. Well located sites are continuing to sell at record rates," Cooke said.
The site has an 8.5 metre height limit, expansive street frontages of 26.65 metres along Ramsay Road and 73.69 metres along Henley Marine Drive, allowing for a prestigious development and is currently leased to WestConnex for use as office accommodation and parking for a three year term expiring 31 December 2019 at a rental of $150,000 per annum net plus GST.
Cox said the sales campaign generated over 250 enquiries.
The eventual sale price of $5,328 per square metre of potential GFA reflects the prime corner location, the long-term development uplift, the proximity to the Sydney CBD and the lack of available sites in this unique Inner West suburb."