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The changing face of Glebe

University of Sydney

One of the most anticipated city fringe campaigns is set to commence this week, being 431 Glebe Point Road, Glebe. To be sold via Expressions of Interest, Colliers’ agents Andrew Graham, James Cowan and Samantha Carroll are handling the process.

The city fringe has seen a tremendous rejuvenation over the past 5 years, led by adaptive reuses, infrastructure upgrades and demand,” Andrew Graham, National Director Strategic Advisory Colliers, says.

Positioned on the corner of Glebe Point Road and Leichhardt Street, 431 Glebe Point Road sits on 2,415sqm of land, with a gross building area of 6,934sqm, including 43 marked car spaces. The building benefits from an abundance of natural light, outstanding water views and street frontages encasing much of the location.

The building operates under existing use rights achieved via development approval in 2007 and is reflective of the historical evolution of Glebe. From an exclusive semi-rural residential enclave of colonial estates, through successive subdivisions, and into a dynamic inner-city suburb with a diverse mix of social classes, uses, and industries. Recent developments have sympathetically modernised the suburb to convey the underlying prestige of this waterfront city suburb.

Initially slated for residential units, the property was constructed by owners Frederick Stearns & Co in 1927 and owner occupied for pharmaceutical uses. Additional works were undertaken in 1948 including the construction of a new wing. Since this date, the property has been owned by the likes of Max Factor Co, Security Storage, Abacus Funds Management and most recently The University of Sydney.

The property is currently occupied by the Woolcock Institute of Medical Research.

“Over the past few years, the University has fielded a high volume of unsolicited interest from investors and residential developers. They have decided to consolidate their properties on their main campus and accordingly are now inviting these parties to participate in an Expressions of Interest for 431 Glebe Point Road, Glebe,” James Cowan, Director of Investment Services at Colliers, says.

“The interest is not surprising considering the rare site envelope, substantial existing improvements and sensational location. Prospective buyers will hold strong regard for the existing use rights, holding income and R1 General Residential Zoning,” he continued.

The property is expected to garner significant interest given the large buyer pool attracted to such an asset. This includes but is not limited to, commercial and medical future owner occupiers, general investors and residential developers looking to take advantage of the existing residential zoning (STCA) and buyer appetite for apartments with sympathetic heritage conversions, such as JDH’s Sirius building redevelopment.

Andrew Graham added “With the low interest rate environment and associated pent-up investment demand, we’re finding long-term landowners are increasingly looking to unlock existing assets to capture market buoyancy and reinvest this capital into bigger and better things.”

As a guide to price expectations, the agents referenced recent benchmark Colliers’ sales of the Best & Less Head Office in Leichhardt which sold for $29 million, 19-37 Greek Street Glebe which sold for $43.4 million and 27-33 Goulburn Street Haymarket which sold for $21.15 million.

 

For more information on the Expressions of Interest campaign, please contact Andrew Graham Mb: +61 412 448 455, James Cowan Mb: +61 425 337 691 or Samantha Carroll Mb: +61 432 930 525.


Related Experts

Andrew Graham

National Director

Strategic Advisory

Sydney CBD

I have over 29 years' experience in agency (Metropolitan and NSW), acquisition, development (nationally) and valuation. I have spent a significant proportion of my career in senior management roles including leading the Western Sydney Advisory operations for Colliers International between 2001 and 2005.  Following a number of years in development and advisory I accepted the role of returning to Colliers International in 2012 to launch the Consultancy arm of the business (Strategic Advisory).

I have primary specialisation in development sites, feasibilities, deal structuring, highest and best analysis and portfolio reviews.

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James Cowan

Director

Investment Services

Sydney CBD

I am a Director within the Sydney Investment Services team & NSW Team Leader of the Restructuring Property Services business at Colliers International,  focusing heavily on the City Fringe & Inner Western Suburbs selling a wide range of varying asset classes.

Prior to my four years at Colliers International, I was honing in on my analytical skills for four years as a commercial property valuer at Savills Australia focussing on premium quality investments across multiple disciplines. Combining these analytical skills with good communication skills and determination, I bring a wealth of experience and strategy for both my colleagues and clients alike

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Samantha Carroll

Team Analyst

Strategic Advisory

Sydney CBD

Samantha commenced her role at Colliers International during her tertiary studies in 2018 as a receptionist. This enabled her to gain invaluable experience within a commercial property firm whilst studying, which confirmed she was on the right career path. 

Following completion of her studies Samantha commenced her role as an Assistant Valuer within the South Australian  Valuation and Advisory business which she was involved with the valuation of office, retail and industrial properties along with analysing market transactions and trend for a wide range of clients.  The valuations worked on were for a number of purposes including Mortgage Security, Financial Reporting, Potential Acquisition and Disposal and Insurance purposes.

Samantha's primary role within the Strategic Advisory team is to provide analytical and research support for a diverse range of clients.

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