1 Gladys Avenue, Frenchs Forest

Thorn Property, as exclusive Agent, is selling this prime 1,388 m² R3-zoned site via an EOI campaign concluding on the 30th of April, 2025. The site is in the Low & Mid Rise envelope for Frenchs Forest Town centre, receiving a 2.2:1FSR and a 22m height allocation, giving it a GFA of 3,053m².

Positioned directly opposite the Northern Beaches Hospital and diagonally adjacent to the emerging Frenchs Forest Town Centre precinct, the location benefits from recent NSW Government planning reforms, which permit increased density and height for residential developments near key infrastructure.

Development Potential

Standard Low & Mid-Rise Housing:

• Maximum height: 22 metres (6 storeys) under current zoning
• Gross Floor Area (GFA): 3,053 m²
• Unit yield: ~25 apartments (104 m² average internal size)
• Projected sales: $1.85M/unit (based on recent comparables at $17,819/m²)
• Gross return: ~$46.25M
• Estimated costs: $32M
• Projected profit margin: 30%

Seniors Living Option (Section 87):

• Increased GFA: 3,511 m² (+15% bonus floor space)
• Unit yield: ~28 apartments (106 m² average size)
• Projected sales: $17,300/m² ($52M gross return)
• Estimated costs: $36M
• ROI: Conservative 30%

Strategic Advantages

1. Location:

• • Direct access to Northern Beaches Hospital (1,200+ staff)
  • Adjacent to Frenchs Forest Town Centre (1.5 ha public space, retail, and upgraded transport links)
  • Walking distance to planned rapid bus services1

1. Policy Alignment:

• • Falls within 400m radius of Frenchs Forest Precinct, qualifying for maximum 22m height under Stage 2 housing reforms
  • Eligible for affordable housing incentives

1. Build-to-Rent Potential:

• • 50% land tax reduction for eligible projects
  • Foreign investor surcharge concessions
  • Strong rental demand from hospital workers and downsizers

Market Context

Recent comparable developments include:

• 127-unit complex at 116-120 Frenchs Forest Rd West ($67M, approved 2024)
• 55-room affordable housing project on Gladys Ave (converting to LMR)

The site aligns with the Frenchs Forest 2041 Place Strategy, which aims to deliver 5,360 new homes and 2,300 jobs by 2041. Infrastructure upgrades include $37.3M allocated for transport improvements and green spaces.

Financial projections assume current market conditions and exclude contingencies. All figures subject to due diligence.