This article is from the Australian Property Journal archive
A PRIVATE investor has driven away with the New South Wales Government’s former Motor Registry site at Five Dock, paying $10.5 million after a campaign that attracted 250 enquiries.
The government deemed the 1,970.70 sqm site at 1 Ramsay Road in Sydney’s inner-west surplus as it rolls out its new Service NSW centres.It currently operates as a WestConnex office until the end of 2019, returning $150,000 per annum net plus GST, with the lease including a three-month break clause.
Existing improvements include a 372 sqm existing two-storey brick building, which selling agents Neil Cooke, Stuart Cox and Johnathan Broome of Savills said could be capable of accommodating substantial additional floor space and a “prestigious development”.
The site has an 8.5-metre height limit, and street frontages of 26.65 metres along Ramsay Road and 73.69 metres to Henley Marine Drive.
Cooke, director of residential site sales at Savills, said the land offers excellent development upside (STCA) within close proximity to the Sydney CBD, local retail and transport amenities.
Cox said the 250-plus enquiries generated during the tender process came from a vast array of buyer groups, including child care centre operators, motel providers, owner occupiers, retailers and residential developers resulting in over 50 groups requesting access to the due diligence room.
“The eventual sale price of $5,328 per sqm of potential GFA reflects the prime corner location, the long-term development uplift, the proximity to the Sydney CBD and the lack of available sites in this unique inner west suburb”.
In September, it was revealed the NSW Government has a pipeline of more than $1 billion in property divestments, which will take the total return to $10 billion from the sale of 20,000 properties since taking office in 2011.
It netted $73.8 million from the sale of 90 parcels of land at the non-operational Cobbora Coal Mine over the past year.
Australian Property Journal
