This article is from the Australian Property Journal archive
ST Vincent de Paul Society NSW has offloaded its 638 Pittwater Rd Brookvale site to a private investor for over $11 million.
St Vincent also signed a short-term leaseback agreement to allow them to continue operations while exploring alternative opportunities. The buyer is a local private investor who plans to hold the site in the short term, with a longer-term view of redeveloping the asset.
The sale, which comes following a strategic review of the St. Vincent de Paul Society NSW property portfolio by Macro Plan Dimasi.
Colliers International’s Mitch Noonan and Henry Burke said the price achieved was well above expectations.
“Due to favourable market conditions, we saw this as an opportune time for St. Vincent de Paul Society NSW to capitalise on the zoning of this holding which, in turn, will now allow them to recycle capital into other areas of their organisation,” Noonan said.
The property is located 100 metres north of Westfield Warringah Mall, 5kms north of Manly Beach and 15kms north of the Sydney CBD. A freestanding retail building of 2,290 sqm is currently on the site, which lends itself to either Large Format Retail repositioning or mixed-use redevelopment due to its B5 Business Development zoning.
“The sale price of over $11 million is a significant premium to their expectations, which was driven by a combination of leveraging the site’s upside through a highly competitive EOI campaign,” Noonan added.
Australian Property Journal
