Crows Nest luxury development site on Alexander St comes to the market
A site on Sydney’s North Shore with luxury development approval is on the market.
A North Shore site with the green light for a luxury development has been described as “one of the most compelling” on the market.
The site is in the heart of Crows Nest, at 82-90 Alexander St, with approval for a boutique development to include 25 luxury apartments and ground floor retail.
With a combined over 1200sq m and the ability to generate substantial holding income, the agents say “this will be one of the most compelling development offerings brought to market this year”.
The site is being marketed by Ray White Commercial managing director Samuel Hadgelias in conjunction with Colliers director Tom Appleby and Ray White Lower North Shore director Tim Abbott.
The existing site at 82-90 Alexander St.
Artists impression of the approved development.
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The site was originally amalgamated by a syndicate of investors managed by RW Capital and its development partner Equicentia.
“In conjunction with our development partners and Nettleton Tribe, we’ve achieved an outstanding approval that provides spacious, oversized two and three bed units that will appeal to downsizers coming out of larger homes on the lower North Shore,” RW Capital executive director Ben Kirby said.
“There is a very high barrier to entry to amalgamate a site of this size in Crows Nest, as such there’s limited competing stock of this nature in the immediate precinct.”
Aerial view of the Crows Nest site.
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Mr Hadgelias anticipated fierce competition for this site, known as “88”.
“Development opportunities of this calibre in Crows Nest, coupled with its proximity to the forthcoming metro station, are exceedingly scarce,” he said.
“We’re especially attuned to the strong demand from builders and developers for high-end ‘downsizer’ projects, which are widely seen as the most promising development ventures.”
Mr Appleby said the appeal of Crows Nest was an urban village with a lively entertainment scene close to the metro station nearing the end of construction.
“Next April’s likely Metro Station opening, compounded with approximately 192,282 sqm of commercial floorspace forecasted to be developed over the next five years, are both set to perpetuate Crows Nest’s extensive gentrification,” Colliers director of Sydney North Sales Tom Appleby said.
The site is on the Lower North Shore.
Mr Abbot said the appeal of “88” was that North Sydney Council had advanced plans to demolish the Holtermann Street carpark and replace it with around 1500sq m of green space. The carparking will be underground.
The agents have not disclosed the price however said off-the-plan apartments in comparable locations have commanded prices above “$30,000 per net saleable area”.
Expressions of interest for the site close on October 19.
