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.