Sydney, 3rd November – An incredibly rare opportunity to snap up a sizeable parcel of land with never-to-be-repeated DA approval has come to market in Sydney’s northern beaches.
Perfectly positioned within a quiet residential pocket of Frenchs Forest, the property at 16 Gladys Ave has many desirable features, the biggest being approval for a new generation boarding house development.
This type of development is truly unrivalled as new legislation restricts R2 Low Density Residential Zoned single land holdings to a maximum of 12 boarding house studios per site in NSW.
Plans show it is set to include 55 self-contained studios, all double units suitable for two occupants, and each with a kitchen, bathrooms and private outdoors spaces. The contemporary design will incorporate communal lounges and a laundry, outdoor gardens, basement parking and entertaining areas, all while taking advantage of stunning district views.
The project is set to create a new era of high-end temporary accommodation to service the influx of professionals to the region.
The 2,411sqm site is exclusively listed with the Colliers team of Henry Burke, Guillaume Volz and Eugene White, with price expectations around the $8 million mark.
“Conceived to combine the vibe of premium five-star hotel accommodation with the practicalities of self-contained living, the proposed property provides highly functional and modern lifestyle spaces that integrate natural light and air flow with seamless indoor/outdoor living,” Mr Burke said.
“The demand for Frenchs Forest boarding rooms remains high and opportunities like this seldom come to market. This factor combined with a limited supply of new generation boarding rooms has kept room rates at historically high levels,” Mr White added.
An added benefit is the potential for further upside, with an option to increase the capacity from 55 studios to between 75 and 85 thanks to the addition of an extra level, subject to council approval. This is all possible while still complying with maximum building height restrictions.
Frenchs Forest is a high growth suburb, with a new town centre that is forecast to receive over 5000 new dwellings, create 2300 new jobs and be at the heart of significant population growth over the next 20 years.
Average rents for boarding accommodation in Frenchs Forest are around 25 per cent higher than the Northern Beaches LGA average. On top of this, studios within the region were the most expensive in the nation, with a median rental income of $450 per week.
“Ideally positioned close to the Northern Beaches Hospital, the property will benefit from major transport upgrades and emerging infrastructure throughout Frenchs Forest and the northern beaches as whole,” Mr Burke said.
The Northern Beaches market is one of the most highly coveted in Australia, with capital growth up 15.1 per cent in the first half of 2021.
The international Expressions of Interest campaign closes at 4pm (AEDT) on Thursday, 18th November, 2021.
