This article is from the Australian Property Journal archive
A COMMERCIAL building on Sydney’s lower North Shore has sold for $2.7 million.
290 Burns Bay Road was acquired by JSN Hanna/Gridcorp through CB Richard Ellis’ Matthew Lee and Andrew Cowan.
Lee said the recent re-zoning and the property’s prime location had attracted strong interest in the sale campaign, with the purchaser interested in increasing the sites potential.
The 290 Burns Bay Road, Lane Cove property was originally zoned 4 (c ) Industrial Special however recent changes to Lane Cove’s zonings have rendered the site High Density Residential (R4).
“Under the terms of R4- High Density Residential the property could be redeveloped to apartments with a 25 metre height limit and a 1.7:1 floor space ratio, subject to council approval,” he added.
The three storey building is split between two levels of office space and a ground floor warehouse totaling a letttable area of 1,519 sqm. The building was offered for sale with vacant possession.
Lane Cove is situated between Artarmon, Chatswood and North Ryde on Sydney’s lower North Shore approximately 8km from the Sydney CBD.
Australian Property Journal
