A block of four units on a prime 879sqm parcel in the heart of the Northern Beaches is offering residential developers a unique opportunity right on Manly Lagoon.
Located at 146-148 Queenscliff Road in Queenscliff, the property, named Balcaskie, features elevated water and ocean views, has dual street frontages with off-street parking and is just 800m from the iconic beaches of Manly.
Potential buyers have the chance to claim existing use rights to create a luxury development (STCA), with the site benefitting from R2 Low Density Residential zoning and a height limit of 8.5 metres.
The property is listed with the Colliers team of Henry Burke and Tom Appleby and comes with price expectations of over $10 million.
“A premium prospect for builders and developers, the site’s value and future gross realisations for the end product are underpinned by its tranquil elevated position that offers incredible water views that cannot be built out,” Mr Appleby said.
The perennially resilient Northern Beaches residential housing market boom was well documented throughout 2021. Underpinned by the lower-for-longer interest rate environment, and the comparatively safe nature of ‘bricks and mortar’, demand for quality product in prime locations close to amenity continues to be hotly contested.
“Cashed up local downsizing occupiers are increasingly warming to apartment living. Limited supply, the easing of border restrictions and the government’s push to significantly enhance the nation’s skilled migrant intake are all set to drive property values to record highs in 2022,” Mr Appleby said.
There’s strong nearby existing use rights precedent. Located just 200m from the property, the owners of 24 Aitken Avenue, a similar-natured residential flat building, recently secured DA approval to redevelop in the Land and Environment Court. The owners are intending to build three luxury apartments on the site.
The Expressions of Interest campaign for 146-148 Queenscliff Road, Queenscliff closes on Thursday the 24th of February, 2022 at 3pm (AEDT).
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