On offer is 2 separate sites, together totaling 4,269m2 of land. The sites can be purchased separately or together.
Both are currently zoned R2, are within a 240m, near-level walk to a major shopping centre, and are each over 1,000 m2 in area with frontages above 20m. These factors combine to make them viable candidates for both Seniors Living and Boarding House development (subject to approval by the relevant authorities).
Both sites are also in the Zone 2 envelope for the Frenchs Forest Town centre re-zoning. Zone 1 (adjoining) was gazetted in December 2021 and resulted in a mix of 2:1 and 1:1 FSR apartment and town house sites.
SITE 1: 2 NAREE RD, 23 & 25 FOREST WAY, FORMING AN AGGREGATED 2,321 SQM DEVELOPMENT SITE
POTENTIAL FOR SENIORS LIVING/BOARDING HOUSE DEVELOPMENT NOW OR HOLD FOR REZONING TO R3.
• Aggregated 2,231 SqM of R2 zoned land
• Located a 114m level walking distance from a B4 zoned shopping centre.
• Near-level footpath leads to bus stops within 300m
• 900m drive or bus journey to Northern Beaches Hospital and the upcoming Frenchs Forest Town Centre
The site is in Zone 2 for the Frenchs Forest Town Centre rezoning. Under the current site plan, it is slated for 1:1 FSR, 4 storey apartments. The adjoining Zone 1 was Gazetted in December 2021 and is the only new rezoning on the Northern Beaches.
Complying fully with the new planning controls for Seniors Living (July 1, 2022) the site would potentially support 15 x 70 SqM apartments with a height limit of up to 11.5m (STCA). Alternatively, the site could be developed under co-living housing for around 36 build-to-rent apartments (STCA). Similar studio apartments are renting close by for $400/week.
Price Guide: $9.24M
Settlement: Delayed settlement or Put & Call option (releasable deposit)
SITE 2: 6 & 8 NAREE ROAD, FRENCHS FOREST, FORMING AN AGGREGATED 1,948 SQM SITE
POTENTIAL FOR SENIORS LIVING/BOARDING HOUSE DEVELOPMENT NOW OR HOLD FOR REZONING TO R3.
• Aggregated 1,948 SqM of R2 zoned land
• Located 234m level walking distance from a B4 zoned shopping centre,
• 250m level footpath to bus stops
• 778m to the new Northern Beaches Hospital and the upcoming Frenchs Forest Town Centre.
Located in Zone 2 for the Frenchs Forest Town Centre rezoning, the site is slated for 1:1 FSR, 4 storey apartments. Zone 1 was Gazetted in December 2021.
The site complies with the new planning controls for Seniors Living (July 1, 2022) and would potentially support 13 x 70SqM apartments with a height limit of 11.5m (STCA). Alternatively, the site could be developed under co-living housing for around 24 ‘build to rent’ apartments (STCA) each renting for around $400/week.
Purchase the sites currently offered as an interdependent, in-line purchase and develop them now under the existing NSW SEPP (housing) 2021 - or live in or rent out until the site is rezoned.
Alternatively, this site could be developed concurrently with 2 Naree Rd, 23 & 25 Forest Way to form a 4,269 SqM site with a potential yield of up to 28 Seniors Living apartments or 60 ‘build to rent’ apartments.
Price Guide: $7.2M
Settlement: Delayed settlement or Put & Call option (releasable deposit)
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