NSW government divests former motor registry site in Sydney’s inner west

NSW government divests former motor registry site in Sydney’s inner west
NSW government divests former motor registry site in Sydney’s inner west

The NSW government has sold its former Motor Registry site in the tightly held Inner West suburb of Five Dock to a private investor for $10.5 million.

The 1 Ramsay Road site comprises a corner parcel of land with an area of 1,970 sqm.

Parts of the site remain undeveloped but the 372 sqm of net lettable area from the existing two-storey brick building could be developed for additional floor space, subject to council approval.

The government divested the former motor registry as it was deemed surplus with the roll out of the new Service NSW centres.

The sale was handled by Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia.

The site has an 8.5 metre height limit and allows for a prestigious development.

It is currently leased to WestConnex for use as office accommodation and parking for a three-year term expiring 31 December 2019 at a rental of $150,000 per annum net plus GST.

“This land offers excellent development upside (STCA) within close proximity to the Sydney CBD, local retail and transport amenities which gives reason as to why we were inundated with unprecedented levels of enquiry,” said Cooke.

The sale price of $5,328 per square metre of potential GFA reflected the prime corner location and development uplift, added Cox.

 

Tags: 
Sydney Commercial Sale

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