This article is from the Australian Property Journal archive
MORE than 5,000 sqm of land across two sites in Gosford has been put to the market, offering potential to deliver a new 24 storey mixed use tower in the heart of the Central Coast.
Strategically located midway between the Sydney and Newcastle CBDs, and five kilometres east of the Pacific Motorway, 280 and 290-300 Mann Street are to be offered for sale individually or in-one-line.
They are located at the doorstep of Gosford’s CBD and train station and close to the recently upgraded Gosford Hospital and the proposed new university campus.
280 Mann Street comprises a fully leased modern office building with a net annual income of $572,050 across four tenancies, and also benefits from a DA approval received in 2017 for a 24-storey mixed use development comprising ground floor retail and 219 residential apartments that includes the adjoining site 290-300 Mann Street as part of the approved scheme.
290-300 Mann Street comprises a retail building with a gross passing yearly income of $60,879 across two tenancies. It also includes a large car park to the south of the building.
The properties are being marketed through Andrew Palmer, Oliver Ridley, Steven Lerche and Nick Lower of Savills.
Ridley said 280 and 290-300 Mann Street is to be one of the largest commercial landholdings to be brought to market in the Central Coast for the past few years.
“This opportunity will be hotly contested by astute investors, owner occupiers and residential developers due to the site’s valuable holding income alongside the DA approval for 219 residential apartments.”
Gosford currently ranks in the top 10 suburbs in NSW for attracting first home buyers, while Centuria Capital has just completed affordable housing projects in West Gosford and North Gosford worth $40 million in partnership with the state government.
Palmer said the Gosford City Centre Masterplan will encourage more people to both live and work in Gosford and with a substantial population expansion and the creation of thousands of jobs will confirm the emergence of a “truly new city”.
Expressions of interest close 14th July.
