Northern Beaches site permit-ready for apartments auctioned for $13.4 million
A permit-ready apartment development site in exclusive Queenscliff, overlooking Manly Beach, north of Sydney, sold for $13.425 million at a digital auction on Tuesday.
CBRE’s Aaron Arias, Toby Silk and Nicholas Heaton sent out 33 contracts and conducted 15 inspections for 71-71a Queenscliff Road.
All up the public campaign generated 368 inquiries.
Ten suitors registered and the property sold after 47 bids.
With the deal, two neighbouring homes covering a 1259 square metre elevated plot on the northern side of the road will be replaced with a complex with 14 flats and 32 car parks.
The proposed 1688 sqm building will be spread over six floors but with set-backs appear as four from the street.
Some of the dwellings will offer views over nearby Manly Beach.
The R3 Medium Density zoned site is also walking distance to Freshwater Beach and Queenscliff Beach.
The marketing agents said the proposed apartment complex was a premium quality product and their campaign focused on “strong downsizer” demand.
About 16 kilometres from the CBD, the Queenscliff site is within the exclusive Northern Beaches municipality which formed in 2016 after the amalgamation of Manly, Pittwater and Warringah councils..
Also in the area, Victoria’s Jasbe Petroleum sold a service station with a 12-year leaseback at 133-139 Pittwater Road, Manly, following an expressions of interest campaign which closed on April 8.
JLL’ Gordon McFadyen, Peter Seeto and Dylan McEvoy said the $7.2 million sale price reflected a 4.1 per cent yield.
