Prime north shore site at 165-173 Military Road, Neutral Bay sold for $18m
An amalgamated site in Neutral Bay has been sold more than $1m over the price guide after a hotly contested campaign which received over 190 enquiries and 11 offers.
Located at 165-173 Military Road, the property was sold for $18m and consists of four two-storey freehold properties which offers exposure in the Lower North Shore location.
Sold by Colliers agents Tom Appleby and Henry Burke in conjunction with Andrew Croll, the site went through two expressions of interest campaigns.
MORE:
Trophy home sale is sixth most expensive ever
Are house prices about to fall as some predict?
Eight things that will happen in property this year
An overview of the commercial site in Neutral Bay
“The sale really speaks volumes about how local strip retail property owners are increasingly investigating the viability of higher and better use throughout Sydney’s North Shore as vacancy rates continue to rise and effective rents continue to fall,” Mr Appleby.
“As demonstrated with both this transaction and our recent $51m sale of 378-390 Pacific Highway in Crows Nest, a premium can generally be achieved through a collective sale if planning controls allow for uplift.”
The property has a site area of 762sqm and is located 5km north of the Sydney CBD, providing access to main road connections.
The property is located 5kms from the Sydney CBD
Mr Burke believes the purchaser of the sale will build a mixed-use development over the next few years.
“Neutral Bay’s affluent demographic catchment area has traditionally been typified by restricted future new apartment stock,” Mr Burke said.
“This limited supply, the easing of border restrictions and the government’s push to significantly enhance the nation’s skilled migrant intake are all set to drive property values to record highs in 2022.”
The purchaser will build a mixed-use development site on the current land.
Demand for commercial properties in prime locations has remained high over the past few months, particularly in the lower north shore market where bricks-and-mortar buildings have proven to be popular developments – boosted in part by the low interest rate environment.
Some of the commercial properties within the Neutral Bay area have been held by the respective owners for over 50 years, driven in part by a positive reputation of the retailers through the eyes of the local community.
MORE:
Rare NSW wellness retreat draws abundant interest
Pandemic-proof Woolworths and Coles supermarkets up for grabs
Industrial property remains in hot demand after a record year
