Sydney development site for tender

The Northern Suburbs Rugby Club is selling its headquarters at 80 Christie Street, St Leonards via expressions of interest.

Listed through agents, Dan White and Andrew Jolliffe of Ray White, 80 Christie Street, St Leonards offers an opportunity for a significant and rare redevelopment within Sydney’s established lower north shore.

“Its fantastic location and flexible zoning makes this property appealing for a range of uses,” says Mr Jolliffe. “The premises currently has four levels, however it has the potential to be developed up to eight levels. The property could also be attractive to use as an educational facility, hotel, office building or for hospitality.”

Given the property’s location near essential facilities including education, health, transport as well as the desirable characteristics of Sydney’s Lower North Shore, the property would be ideal for a residential development.

“The strategic investor can potentially utilise the property’s diverse income profile while applying for a residential rezoning.

“Given all of these positive aspects, we expect to see particular interest from our Asian offshore developers and buyers.In the current market, we anticipate keen interest due to the strong fundamentals of growth and residential interest in this part of Sydney. It is rare that a potential development site so close to the CBD has a strong income profile,” Mr Jolliffe explains.

Occupying the premises, the Cabana Bar and Lounge is owner-operated, and current leases are held for the basement level with Wilson Parking and the lower ground with Oxygen Gym.

“The decision to bring the Club to the market stems from the Board’s acknowledgment of the significant interest in this precinct and accordingly, it is considered appropriate to take advantage of the level of interest and in doing so create a foundation for the rugby program,” says Tony Crawford, chairman of Northern Suburbs Rugby Club.

The property is offered as freehold interest and expressions of interest close on 27 March 2014.

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