This article is from the Australian Property Journal archive
TWO properties in central Gosford have sold for $12.1 million to Sydney-based developers, in the largest development site sale in the Gosford CBD so far in 2021.
The two DA approved adjacent sites, 280 Mann Street and 290-300 Mann Street, cover a combined 5,071sqm with 126m of frontage and sit within the centre of Gosford, making the site a future beneficiary of the Gosford City Centre Masterplan.
Andrew Palmer, Ollie Ridley, Steven Lerche and Nick Lower from Savills managed the sale of the properties, which were offered both individually or in-one-line, before selling individually to two residential developers.
“The sale reflects sustained demand for well positioned assets across regional NSW, even during Australia’s longest period of lockdown,” said Palmer, associate director of retail investments.
280 Mann Street is currently a fully leased office building that boasts a diverse tenant mix across the 2,211sqm site, which sits within close proximity of the Gosford Train Station.
While 290-300 Mann Street comprises a retail building, a multi-let retail warehouse and a large on-grade carpark.
“The profile of enquiry ranged considerably, with many parties looking at the investment fundamentals as a chance to diversify their current holdings, whilst developers saw the obvious opportunity in a growing regional centre,” added Palmer.
The Gosford City Centre Masterplan is set boost employment and both retail and cultural activity in the city centre, bringing Gosford closer to its target of a further 10,000 residents and 6,000 new jobs by 2031.
The combined sites also offer a DA approval that permits a multi-storey mixed-use development with ground floor retail and 219 residential apartments.
“Being offered for sale for the first time in close to 20 years, these properties provided a rare opportunity to secure a significant landholding in a commanding CBD location with multiple income streams and an existing DA,” said Ridley, associate of capital transactions at Savills Australia.
According to Savills, the purchasers were drawn to the properties due to its mixed-use zoning, Gosford location and the opportunity to submit new DA’s for each site separately.
“With the current lockdown and restrictions due to COVID-19 reducing supply levels across NSW, we found the appetite from buyers to be incredibly strong with the campaign generating close to record enquiry levels,” concluded Ridley.
