A premium mixed-use development site on the highly-recognisable corner of Military Road and Wycombe Road in Sydney’s lower north shore has come to market.
The incredibly rare, amalgamated site at 165-173 Military Road, Neutral Bay, named “Bae”, comprises of four fully leased, two storey freehold investments, and benefits greatly from its proximity to an abundance of amenities.
With 45m frontage, a favourable B4 Mixed Use zoning and a 16m height limit, the property has a site area of 762sqm and is ideally located 5km north of the Sydney CBD.
It is listed with Colliers’ agents Tom Appleby and Henry Burke, in conjunction with Andrew Croll of Croll Real Estate.
“Local strip retail property owners are increasingly investigating the viability of higher and better use throughout Sydney’s north shore as vacancy rates continue to rise and effective rents continue to fall,” Mr Appleby said. “As demonstrated with our recent $51,000,000 sale of 378-390 Pacific Highway Crows Nest, a significant premium can generally be achieved through a collective sale.”
The resilient lower north shore residential market has been under-pinned by the safe nature of bricks-and-mortar and the low interest rate environment. As a result, demand for quality products in prime locations remains high.
“Neutral Bay's affluent demographic catchment area has traditionally been typified by restricted future new apartment stock,” Mr Burke said. “This limited supply, the easing of border restrictions and the government’s push to significantly enhance the nation’s skilled migrant intake are all set to drive property values to record highs in 2022.”
Positioned in the heart of Neutral Bay, the site offers access to major road connections and is ideally located only a few metres away from a vast array of longstanding reputable retailers.
“The premium surrounding amenity truly underpins the opportunity, providing unrivalled value for future residents and investors,” Mr Croll said.
No. 165-173 Military Road, Neutral Bay, is being offered for sale by way of International Expressions of Interest closing November 25, 2021.