This article is from the Australian Property Journal archive
AN aged care provider has purchased the 4,071sqm North Manly site home to the Warringah Golf Club’s clubhouse facilities.
CBRE’s Aaron Arias, Richard Gell and Matthew Sartori negotiated the deal for the property, located at 397 Condamine St. It follows the proposed relocation of Warringah Golf Club’s clubhouse to a new site on the golf course.
Arias said the property’s development potential in one of Sydney’s most revered suburbs was a major drawcard attracting buyers.
“The strong result reflects the current strength in demand for residential development and aged sites in the sub-$20 million price range. Furthermore, the Northern Beaches’ close proximity to amenity including shops, health care services, reputable schools and frequent public transport links into the Sydney CBD, were also key selling factors,” he added.
Sartori said that while many providers look to acquire regional bed licenses to operate facilities prior to acquiring greenfield sites, some operators were looking to purchase greenfield sites earlier to guarantee location of choice.
“Typically, aged care has not been able to compete with the residential development market on prime sites, but with a bit of a shift within the market, and with perceived oversupply of residential in certain areas, with the site criteria, this is changing – as demonstrated by this sale,” Sartori said.
Australian Property Journal
