CWA's Potts Point headquarters sells to Chinese developer

CWA's Potts Point headquarters sells to Chinese developer
CWA's Potts Point headquarters sells to Chinese developer

The Country Women's Association Potts Point headquarters is being bullishly sold to Chinese developer interests for about $18.5 million.

There were five offers at or above $15 million through Ray White and CBRE Hotels when expressions of interest closed September 3.

It followed the recent decision by the Country Women's Association of NSW (CWA) annual state conference to sell its long-time 51 room property.

The sale successfully captured the current huge Chinese buying interest, rather than the association delaying going to market with formal redevelopment approvals which would have been the normal prudent process.

The 11-13 Greenknowe Avenue building houses the head office and auditorium as well as providing $50 a night accommodation.

It was secured in the early 1950s, and opened in 1954 by Lady Slim.

Around 20 developers sought the 1,347 square metre site with the CWA now set to purchase modern office space.

The CWA was formed in 1922 when country women were fighting isolation and a lack of health facilities. 

It has been incorporated by an Act of NSW Parliament since 1931.

It was listed through Ray White agents Ian Campbell and Craig Pontey, in conjunction with CBRE Hotels.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Foreign Buyers Sydney

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?