Row of Lower North Shore shops sell for $33m
EXCLUSIVE
Developers Harry and Jilla Vakili have sold a row of shops with significant development upside on Sydney’s Lower North Shore.
The 891 square metre amalgamation at 17–25 Falcon Street, Crows Nest, traded for $32.6 million after a campaign targeting builders and institutional buyers.
Zoned Mixed Use 1 at the corner of Alexander St near Pacific Highway, the site sits in a Transport Oriented Development (TOD) accelerated precinct.
Under current planning controls, future development could reach about 50 metres (around 14 storeys).
The four shops are fully leased.
The property is the latest TOD gazetted site to trade coming a month since Traders in Purple bought a row of homes in Wollstonecraft homes with plans for apartments. A Marrickville block offered from a family which held 120 years also sold.
Last year meanwhile apartment developers swooped on low rise homes in, amongst many other places, Double Bay, to JZL, and Lindfield, to Deicorp.
Development upside
The Falcon St properties are about 400 metres from Crows Nest Metro, which connects to Chatswood in two minutes, Martin Place in eight minutes and Central in 10 minutes (continues below).
Lowry Property Group’s Nick Lowry and Jason Lowry were the agents.
Following a private treaty campaign, they said, eight offers were received.
The registered owners, alongside H&J Vakili, are 21 Falcon Pty Ltd and 25 Falcon Pty Ltd.
Elsewhere on the Lower North Shore, the Vakilis in 2023 applied to build neighbouring apartment towers rising 18 and 27 storeys in the Chatswood CBD.
The couple are also proposing a residential project on a Hornsby site.
Crows Nest is about 5 kilometres north of Sydney’s CBD.
More to come.
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