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Rare Wollstonecraft boutique residential site on the market for the first time

5 Morton

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).

 


Related Experts

Guillaume Volz

National Director, Development Sites | Residential

Sydney

Guillaume is recognised as one Sydney’s leading agents that specialises in the sale of Residential Development sites.

Having sold some Sydney’s iconic residential development sites in recent years, Guillaume’s reputation and experience as a proven performer has earned him the respect and confidence of his clients and peers.

Guillaume is actively involved in assisting clients with acquisition and divestment strategies that requires a detailed knowledge of the project marketing and sales environment, as well as expertise in planning requirements and feasibility analysis.

With an established network of Asia Real Estate investors, Guillaume is part of the Colliers China Outbound Investment Group.

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Henry Burke

National Director, Development Sites | Residential

Sydney

Henry is a real estate sales expert that has worked in the industry for over ten years. During this time Henry has actively marketed and sold over $2.0 Billion worth of real estate across various asset classes including commercial office, industrial, retail, freehold and strata investment properties and commercial and residential development sites.  

With close relationships in the development and construction industry and having worked across multiple asset classes during his career Henry now specialises in the marketing and sales of Residential Development Sites.

Henry specialises in the Sydney Metropolitan region with a close focus on the North Shore and Northern Beaches of Sydney. Always one step ahead of the market Henry has a strong understanding of Council Governance and has been instrumental in rezoning initiatives throughout the Sydney Metropolitan Region where he has been able to maximise land values for many owners. 

His enthusiasm and passion for the property industry coupled with his extensive knowledge of the industry and a strong network of developer, investor and property consultant contacts has attributed to becoming one of Sydney's most active real estate agents.

Specialisations;
- Residential & commercial development sites
- Home owners development site amalgamations
- Strata reform & strata amalgamations

- Home owner amalgamations
- Local, State & Federal Government legislation

- Commercial real estate brokerage
- Acquisitions & buyer representation

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