The former ‘Beacon Hill High School Site’ on Tristram Road, Beacon Hill, NSW, measuring approximately 1.959 hectares in area, was sold last week for a price in the vicinity of $8,750,000, following a highly successful Public Tender campaign conducted by the Sydney office of commercial agents Savills.
Tenders closed Friday 4 May 2007, at the Parramatta offices of Landcom.
The site was granted development approval late last year, by the Minister for Planning, for a 26 allotment residential subdivision.
Senior operatives from Savills ‘Sales & Investments Division’, Robert Lowe and Gianni Pasini, conducted the sale. They report that enquiry for this outstanding site was very strong throughout the campaign, with over eighty (80) separate development companies enquiring on the site. The enquiries were received from a broad cross-section of the development industry, ranging from local property syndicates through to major development corporations, from as far a-field as Western Australia.
The campaign resulted in a total of eight (8) Tenders being submitted for the vendor’s consideration.............”an outstanding result!”..........confirming the popularity of the site to the developer market and signalling the strengthening of the residential market in the northern beaches district of Sydney.
In the end, though, there could only be but one winner, with a subsidiary of the Astoria Property Group emerging as the successful tenderer.
Beacon Hill is a well established suburb in Sydney’s highly sought Northern Beaches District; affordable, yet very popular for its lifestyle. The site is superbly located in a tranquil setting, adjacent to a nature reserve and sports field. Warringah Road is close at hand, providing easy access to numerous surfing beaches, shopping centres (including Warringah Mall) and various local amenities.
The site has recently been cleared and stands ready for the developer’s finishing touches, and the sale of this site to an experienced Sydney’s based residential developers will no doubt enhance the locality and a quality residential enclave will almost certainly ensue.
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