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Strong demand continues for development sites across Sydney
In more evidence of continued strong development activity across Sydney, a large waterfront property in Avalon is being offered for sale.
Named "Marara", the property for sale is set on a massive land area of 12,685 square metres, or just over three acres across six titles, at 96-104 Cabarita Road, Avalon, on Sydney's Northern Beaches. The property includes three residences, two boathouses, one super wharf/jetty and one slipway.
JLL's Directors of Metropolitan Sales & Investments for NSW, David Mathews and Paul Hunter, have been appointed to manage the sale of Marara on behalf of Peter Higgins, one of the original founders of Mortgage Choice. Peter and his brother Rod Higgins set up Mortgage Choice in 1992 and both remain shareholders and directors of the company. Peter Higgins is pursuing business interests internationally in the technology sector.
According to Mr Hunter, "With north-facing views to Palm Beach and beyond, along with an almost 120 metre beach frontage to Pittwater, this is believed to be Sydney's largest private beachfront holding."
From South Sydney through to Sydney's west and north, the development market remains very active. "We're expecting interest from developers with an interest in subdividing the property into large waterfront lots for luxury houses, but it also has potential for luxury seniors living or may appeal to a high net worth individual to consolidate and construct an expansive residence," said Mr Mathews. He added, "The potential is exceptional and the owner's preliminary assessment was to develop 28 villas or subdivide the property into 12 separate titles."
According to Mr Hunter, "The property is said to be one of Sydney's largest freehold deep water land holdings. Originally built for Sir Herbert Henry Schlink, Chairman of the Royal Prince Alfred Hospital for 28 years from 1934, founder of the Royal Australasian College of Surgeons and one of Australia's most distinguished doctors, Marara has had only two owners over the last 80 years."
Expressions of Interest to acquire 96-104 Cabarita Road Avalon close at 12noon (AEDT), Wednesday 13 May 2015.
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