6-30 Artarmon Road, Willoughby represents a unique opportunity on Sydney’s spectacular and highly held Lower North Shore. The sale is the largest residential development site sold since 2018.
The Opportunity
Currently 6-30 Artarmon Road, Willoughby is the home to the Channel 9 television studios. The almost three-hectare property is an elevated large parcel of land in the prestigious Lower North Shore. The property is master planned approved for 460 apartments across ten buildings and includes the adaptive reuse of a small commercial building. The masterplan also includes a series of piazzas and publicly accessible open green spaces.
Challenges
The slowdown of the residential market during 2018 and 2019 concerned many buyers and was limiting their confidence. Through thorough research, Colliers identified that residential supply in blue chip suburbs was diminishing dramatically, setting the scene for potential under- supply.
The campaign demonstrated the likely undersupply scenario and the opportunity to provide quality residential product in a low supply environment on the highly sought after Lower North Shore.
Some potential buyers raised concern with the perceived negative impacts of the television transmission tower. Understanding this, Colliers actively worked with the transmission tower owners to include the transmission tower land in the transaction.
Outcome
The overall outcome was eleven offers received resulting in an unconditional sale. In addition, the transaction included the sale of the transmission tower land enabling the tower to be removed, enhancing not only the value of the property but also neighbouring properties.
Testimonial
"The Colliers Team were outstanding and should be commended in their efforts in assisting LEPC9 Pty Ltd realise a record-breaking result for the sale of our site at 6-30 Artarmon Road Willoughby, the previous home of the Nine Network."
Damien Kiley
Director of Development
LECP9 Pty Ltd
