This article is from the Australian Property Journal archive
A LOCAL developer has splashed out more than $10 million for a Lower North Shore infill site with DA approval for warehouses, self-storage and a childcare centre.
The 4,228 sqm property at 23-25 Higginbotham Road in Gladesville sold following an expressions of interest campaign run by Knight Frank agents Anthony Pirrottina, Demi Carigliano and Angus Klem on behalf of the vendor, Motive Properties.
The vacant property is approved for a multi-level, multi-unit industrial development consisting of 18 warehouses, 29 storage units, a café and a 95-place childcare centre. It includes ground floor parking, with two levels of warehouse and storage above.
“In addition to interest from established industrial developers, there was significant demand from residential developers looking to move into the less-regulated commercial/industrial sector,” Pirrottina said.
“Not only does it have development approval for a high-quality strata development, but the construction certificate is also well advanced, with the site cleared and levelled, so it’s almost ready for the buyer to start the project.”
The buyer intends to start construction of the project in the second half of 2025.
Klem said the sale price, which equated to a rate of more than $2,400 per sqm of land, is reflective of the chronic shortage of industrial land on the Lower North Shore, and buyer demand for this unique offering within the heart of Gladesville’s tightly-held industrial precinct.
“The end product of the approved development on this site will be highly sought after by users, particularly in the affluent local catchment of Putney, Hunters Hill and Gladesville, with the supply of warehouses within the area extremely limited.”
Strata industrial rates for comparable new projects throughout inner Sydney have risen to north of $10,000 per sqm.