NSW Government Sells Sydney’s Inner West Site

09 November 2017

The NSW Government has sold its former Motor Registry site in the tightly held Inner West suburb of Five Dock to a private investor for $10.5 million.

Located at 1 Ramsay Road, just 7km west of the Sydney CBD, the 1,970.70sq m site comprises a large corner parcel of land, which is highly accessible to both public transport and road infrastructure with excellent development upside (STCA). Parts of the site remain undeveloped but the 372sq m of Net Lettable Area from the existing two storey brick building may be capable of accommodating substantial additional floor space (STCA).

Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia handled the divestment of the government asset as the former Motor Registry was deemed surplus with the roll out of the new Service NSW centres.

The site has an 8.5 metre height limit, expansive street frontages of 26.65 metres along Ramsay Road and 73.69 metres along Henley Marine Drive, allowing for a prestigious development and is currently leased to WestConnex for use as office accommodation and parking for a three year term expiring 31 December 2019 at a rental of $150,000 per annum net plus GST.

According to Neil Cooke, Director of Residential Site Sales at Savills, “This land offers excellent development upside (STCA) within close proximity to the Sydney CBD, local retail and transport amenities which gives reason as to why we were inundated with unprecedented levels of enquiry. Well located sites are continuing to sell at record rates”.

Furthermore, Stuart Cox, Director of Residential Site Sales at Savills said “This campaign generated over 250 enquiries via 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 square metre 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”.

Five Dock offers a cosmopolitan lifestyle with an abundance of parks, foreshores and cafes located within close proximity to the site and the trendy cosmopolitan retail strip that runs along Great North Road features a large format Coles and is only a short 400 metre walk from the site. Birkenhead Point Outlet Centre, University of Technology Sydney, University of Sydney as well as a number of both primary and high schools are also within close proximity.

 
 

Key Contacts

Neil Cooke

Neil Cooke

Director
Residential Site Sales

Savills Sydney

+61 (0) 2 8215 8834

 

Stuart Cox

Stuart Cox

Director
Residential Site Sales

Savills Sydney

+61 (0) 2 8215 8810