Lane Cove Development Site Sold for $19.75 Million
A residential development site (STCA) near the vibrant Lane Cove village on Sydney’s lower north shore has been sold for $19.75 million by Ray White Commercial NSW in conjunction with CBRE.
The sale of this site at 84-90 Gordon Crescent, Lane Cove North, resulted from a campaign lead by market leaders in development site sales Jeff Moxham and Scott Timbrell of Ray White Commercial NSW, along with Ben Wicks of CBRE.
Jeff Moxham said the purchaser Apex Property International Pty Ltd is preparing to submit a Development Application (DA) which could yield approximately 85 apartments.
“The sale of this site is another reminder to a supposedly cautious market that demand remains strong for development sites throughout Sydney,” Jeff Moxham said.
“It also indicates that developers are still prepared to pay a strong market price for A-class developments.”
Mr Wicks said: “This sale confirms the strength of the Lane Cove market.”
The sales team over a period of four months amalgamated separate sites of 1,119 sqm, 971 sqm, 917 sqm and 785 sqm.
“This resulted in a total land area of 3,792 sqm and the sale price of $19.75 million equates to a rate of $5,208 per sqm of land,” Scott Timbrell said