Just launched to the North Shore market, 5 Morton Street, Wollstonecraft, offers incredibly rare access to this tightly held location. The well-maintained, tightly held building, which houses 12 large two-bedroom strata apartments, has been placed on the market in one line with Colliers’ agents Guillaume Volz and Henry Burke.
“An opportunity to access a site like this in Wollstonecraft has not come onto the market for many years,” Mr Volz, National Director of Development Sites at Colliers, explains. “This property offers a secure investment with income, as well as an exceptional development opportunity. This is a highly valued and desirable location, within an environment that has limited future supply.”
The R4 zoned 1,457sqm block is located close to attractive amenities like Waverton Station and village, the Mater Hospital, Crows Nest’s restaurant hub, North Sydney and extensive Harbourside walks and reserves. And the building itself holds a prestigious history given it was developed by high-profile political figure Sir John Cramer in the early 1960s.
Sir John Cramer was elected Lord Mayor of North Sydney in 1939, he was then elected to the House of Representatives as the member for Bennelong in 1949, and later in 1956, Sir Robert Menzies appointed him Minister for the Army. Sir John Cramer and his wife Dame Mary Cramer were prominent social figures, Mary was awarded the title of Dame in recognition of her many years dedicated to charity and community work.
“There are very few suitable boutique developments on the Lower North Shore and we are seeing increasing demand and pricing for apartments, particularly as the gap between houses and apartments extends well beyond the long-term divergence in value,” Mr Volz says. “Developers are looking to take advantage of these conditions, along with an ever-strengthening downsizer market particularly from wealthy local harbour suburbs such as Greenwich, Longueville and Northwood.”
Whether a secure investment and income stream, or boutique development opportunity, Mr Volz and Mr Burke anticipate significant interest. The Colliers’ Development Sites team has transacted over $385 million in development sites across the Lower North Shore in the last 12 months alone, this demonstrates the ‘flight to quality’ trend in the area and the high demand from developers for access.
“There’s always strong demand for Lower North Shore sites, however, what Covid-19 has shown is that buyers and developers are placing an additional premium to secure these rare opportunities,” Mr Burke added.
Blake Schulze, National Director, Residential Project Marketing at Colliers, concurs that the Covid-19 lockdown has not muted enquiry levels or demand for attractive off-the-plan projects.
“Even during the current lockdown we have seen encouraging enquiry levels and off-the-plan sales for developments on the Lower North Shore, with particularly strong interest amongst owner occupiers,” Mr Schulze says. “Evidence of this, is the sale of a penthouse in the Landmark development in St Leonards, which sold for nearly $14 million ahead of the market launch. This penthouse sale result set an area record.”
The International Expressions of Interest campaign closes Thursday 7 October at 4pm (ADST).