WINIM Funds Management has purchased Lane Cove’s ex-Comfort Inn North Shore with plans for a luxury six storey apartment complex (artist’s impression, top).
The sale, first mooted in July but now settled, is worth c$25 million.
The 2987 square metre site includes the former 43-room guesthouse and licensed restaurant at 1 Gatacre Avenue and an adjoining dwelling – 5 Allison Ave.
“This sale is emblematic of the increase in demand for luxury apartments in Sydney,” JLL marketing agent Harry Sullivan said.
“We are seeing a trend of owner occupiers, particularly downsizers, taking advantage of the booming housing market in the Lower North Shore,” he added.
“These downsizers are capitalising on low interest rates and rapidly rising prices and pocketing the change in the process,” according to the executive.
Builders are tuning in, he said.
“Active developers are focusing on smaller scale high-quality projects in premium locations,” he added (story continues below).
“Like the existing housing market, more owner-occupier focused smaller apartment developments across much of Sydney have rebounded and performed strongly over the past year”.
According to JLL Research, there were 6560 apartments under construction in Sydney in the second quarter.
“[This is] in an environment where it is generally smaller, high quality projects progressing to construction,” according to Mr Sullivan.
The WINIM complex has a gross floor area of c7169 sqm.
The acquisition comes five months since we reported the Tavikoli family sold Lane Cove’s Rosenthal Arcade at 79-83 Longueville Road for $13.9m.
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