Two beachside properties just metres from Collaroy Beach are being offered to the market for the first time in history and is expected to fetch over $10 million.
CBRE’s Aaron Arias, Toby Silk and Nicholas Heaton have been exclusively appointed to market the 1 Alexander Street and 4 Collaroy Street properties, which are being offered as a consolidated 2,570sqm development site, on behalf of a local private investor.
The 1 Alexander Street property is a three level apartment block comprising five residential units, a storage unit and three retail stores including a café and physiotherapy.
The 4 Collaroy Street property accommodates the Sydney Beachouse YHA, which operates as a short-term accommodation hotel. The building contains 65 rooms and a swimming pool and has dual street access to both Collaroy and Alexander streets.
Mr Arias said the listing offered purchasers a multi-faceted opportunity in an undersupplied market.
“The Northern Beaches market is undersupplied for quality development sites with holding income. The two properties offer prospective purchasers an opportunity to acquire a key site featuring strong rental income with the promise of high development upside due to favourable planning controls.”
Mr Silk added; “Collaroy has become a highly sought after market, with house prices more than doubling since 2010. Given these properties have never been offered before and the size of the holding, we expect significant interest from developers who are seeking to establish a landmark, mixed use development in the heart of the Northern Beaches.”
Mr Heaton said that the Northern Beaches has consistently experienced one of the highest clearance rates in the state providing developers with confidence that the end product will be hotly contested for.
“The lifestyle draw of the Northern Beaches is seeing the population rapidly increasing which is fueling underlying demand. Local Baby Boomers are downsizing and looking for apartments that are in close proximity to the beach, shops and cafes,” said Mr Heaton.
The combined gross income of the two properties totals $610,200 per annum.
The site is available for sale via Expressions of Interest, closing 31 May, 2017.
