Ex-RSL fetches $15.4m
The Narrabeen RSL Memorial and Recreational Club, which was put into voluntary administration in early 2022, has sold.
The $15.4 million deal follows a campaign targeting residential developers and essential services developers, investors and occupiers, launched in July.
It ends 77 years of ownership by the not-for-profit.
Seven offers came in according to Savills agents Nick Lower and Tim Grosmann.
The guide was $15m-plus ex-GST.
The leasehold was unsuccessfully offered just after administration.
Narrabeen RSL site sold
Covering 1.9 hectares gazetted C4 (Environment Living), but with marketing suggesting it could be rezoned, the RSL site, 116 Nareen Parade, North Narrabeen, contains a three storey club building, paved car park with 39 bays and three lawn bowling greens.
The Narrabeen RSL Memorial and Recreation Club ceased some years ago with the property in recent years being occupied by Narrabeen RSL subsidiaries (story continues below).
Business suffered following COVID and after that, live music noise complaints from locals.
“The property’s substantial size and existing infrastructure [makes] it a prime target for a developer with the vision to repurpose it for future use, while maintaining its strong local ties,” Mr Lower said.
“This sale underscores the ongoing demand for unique, large-scale sites in key coastal markets…and the strong interest we received reflects the confidence investors and developers have in the long-term growth prospects of this area,” Mr Grossmann added.
Narrabeen is about 25 kilometres north of Sydney’s CBD.
Last week we reported a half stake in Warriewood Square, also in the city’s Northern Beaches, traded to JY Group for $135.5m.
More to come.
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