A prime 3,939m2 re-development opportunity located in the suburb of Ryde. The site comprises 3 adjoining lots and a late Victorian c. 1890 grand residence, namely ‘Wallumetta’, currently being used as the head office for The Weekly Times Newspaper since 2008. Wallumetta was built in 1890, on a parcel of land belonging to the widowed Mrs Mary Elizabth Bowden, nee Shepherd. The site has historical significance as physical evidence of the early development in the Municipality of Ryde.

 

The site was initially taken to market at beginning of February. We received a very strong level of interest in response to the opportunity with 165 enquiries received throughout the campaign. The majority of the interest came from a diversified client base including, investors, small to large residential builders and developers. The size and location of the site was a huge attraction with bus at door and walk to Meadowbank train, ferry, shops and 2 TAFEs close by.

 

It became evident after just four weeks on the market that the heritage aspect of the site posed a huge challenge for many developers. They were confused about the planning limitations as set out by Ryde Council and received mixed messages about what could potentially be allowed in terms of multi-usage development. By alerting the vendor to this valuable feedback from developers a decision was made by the vendor and his Advisory Team to lodge a DA with Ryde Council to clarify all and any issues relating to heritage and multi-usage development potential. The site could then be put back on the market by way of an Expressions of Interest campaign. The vendor progressed a DA for townhouse development on the site but the DA was not taken to completion by the new owners.

 

The site was sold to the Roman Catholic Church on the eve prior to the Expressions of Interest campaign.

SALES ANALYSIS

 

 

Site Info

Method of Sale

Private Treaty

Site Area: 3,939m2

Marketing Time Frame

6 months to lodge DA

Municipality: Ryde Council

Target Market

Childcare, Aged Care, Seniors Living, Boarding Houses, Townhouses & Villas & many investors

Zoning: R2 Low Density Residential

Sale Date

30 July 2015

Building Height: 9.5m

Total Enquiries

165

FSR: 0.5:1

Total Offers Received

7

 

Sales Price

$8,250,000