I N F O R M AT I O N M E M O R A N D U M
120-122 UNRIVALLED, MARKET LEADING REAL ESTATE SERVICES
SMITH STREET WOLLONGONG
GATEWAY CBD DEVELOPMENT SITE *APPROX. BOUNDARY ONLY
CONTENTS
EXECUTIVE SUMMARY 03 WELCOME 05 KEY HIGHLIGHTS 07 THE OPPORTUNITY 09 LOCATION 11 WOLLONGONG OVERVIEW 13 LOCATION AERIAL 15 METHOD OF SALE 17 EOI STRUCTURE 19 PROPERTY IMAGES 21 SITE PLAN 23 ZONING SUMMARY 25 NEARMAP 27 DISCLAIMER 28
EXECUTIVE SUMMARYS
ADDRESS 120-122 SMITH STREET, WOLLONGONG TITLE Lot 2411 DP1097900 Lot 253 DP787299 LOCATION LOCATED AT THE GATEWAY TO WOLLONGONG CBD, EQUIDISTANT TO CITY BEACHES AND WOLLONGONG TRAIN STATION. ZONING B6 ENTERPRISE CORRIDOR WOLLONGONG LEP 2009 SITE AREA 1.614HA FLOOR SPACE RATIO 2.5:1 TO 3.0:1 (DEPENDANT ON USE)
HEIGHT LIMIT 24 METRES PERMITTED USE SHOP TOP HOUSING DEVELOPMENT YIELD OPPORTUNITY TO BUILD A MIXED-USE DEVELOPMENT OF COMMERCIAL AND RESIDENTIAL THAT STCA COULD ACHIEVE POTENTIALLY 380 TO 400 (UNIT EQUIVALENT) SALE PROCESS EXPRESSIONS OF INTEREST CLOSING 4PM, WEDNESDAY 27TH OCTOBER
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PERMISSIBLE GFA 41,157SQM OF GFA (2.55:1 FSR ASSUMING 10% NON-RESIDENTIAL)
120-122 SMITH STREET WOLLONGONG
WELCOME Folio Property & MMJ take please in offering 120-122 Smith Street Wollongong for sale on behalf of our valued client Jemena. The property is offered for sale by expression of interest closing on Wednesday 27th October 2021. The property presents a unique opportunity for an astute developer to create a premium medium density mixed use development, with potential for a staged multi tower development. Wollongong is the capital of picturesque Coastal region of the South Coast of NSW, just 80kms from Sydney. The site is ideally positioned at the gateway to the bustling Wollongong CBD. Given the forecast population growth in the Illawarra and current low interest rate environment, makes it opportune to acquire such a strategic site in an infill location. Please contact the exclusive marketing agents listed below to arrange an inspection.
TIM JONES MMJ Real Estate Wollongong
JOHN MACREE Folio Property
0409 456 299
0412 222 511
tim.jones@mmj.com.au
john@macreeproperty.com
BEN GEYER, TRANSACTION MANAGER JLL Property
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*APPROX. BOUNDARY ONLY
A COMPELLING DEVELOPMENT OPPORTUNITY- OFFERINGSCALE, CONNECTIVITY AND AMENITY.
SMITH STREET WOLLONGONG
KEY HIGHLIGHTS DEVELOPMENT POTENTIAL
OPPORTUNITY TO BUILD A MIXEDUSE DEVELOPMENT OF COMMERCIAL AND RESIDENTIAL THAT STCA COULD ACHIEVE POTENTIALLY CIRCA 300 (UNIT EQUIVALENT)
STRATEGIC OPPORTUNITY
LARGE RAW CBD SITE LOCATED IN A PRIME LOCATION WITH MIXED USE PLANNING CONTROLS, POTENTIAL TO CREATE A SIGNATURE DEVELOPMENT.
SIGNIFICANT LAND HOLDING
LARGE SITE ARE OF 1.614 HA OFFERING SIZE & SCALE POTENTIAL TO STAGE DEVELOPMENT OVER 6 TOWERS.
PRIME LOCATION
GATEWAY TO WOLLONGONG CBD CLOSE TO TRANSPORT CONNECTIONS, RAIL, BEACHES, HOSPITAL, UNIVERSITY.
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LARGE SCALE OFFERING
120-122 SMITH STREET WOLLONGONG
This asset is owned by Jemena Gas Networks. Jemena Gas owns, manages and operates energy inf rastructure assets within predominantly eastern states of Australia. The Wollongong Gasworks site formerly operated between 1883 and 1977. Environmental Status Following the closure of the gasworks in 1977, Jemena have recently undertaken extensive remediation works to the site The site has now been remediated with a pending Site Audit Statement.
*APPROX. BOUNDARY ONLY
THE OPPORTUNITY Jemena have recently undertaken extensive remediation works to the site .The site has now been remediated with a pending Site Audit Statement. To assist with the future development potential of the site a site assessment report was prepared by Edmiston Jones architects. A copy of the report will be made available in the Data room. The key take outs from the report were; • 1,700m2 of commercial space. • 300-320 residential apartments made up of a mix of 1, 2 and 3 bedrooms with associated Private Open Spaces. • Approximately 312 car spaces accommodating for both the residential and commercial uses. This site assessment has been based on achieving a potential maximum yield development based on the following design objectives; • One parking level at ground (no basement). • No communal open space at ground level. • Commercial area to satisfy the shop top housing requirements of the zone. • The residential levels commence on the first floor as a podium level with communal open space. • The tower footprints and orientation have been designed to consider the relevant authority requirement, including building separation, setbacks, building depth, floorplate, ventilation and solar access.
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120-122 SMITH STREET WOLLONGONG
120-122 Smith Street Wollongong offers a rare opportunity to acquire a large scale Mixed use development site ideally positioned ate the Western end of the CBD and only 750m f rom Wollongong train station.
LOCATION Education There are two campuses of the Illawarra Institute of TAFE. The Wollongong Campus is the network’s largest campus, and it offers a variety of courses. Wollongong has one university, the University of Wollongong, which was formerly part of the University of New South Wales. The University was awarded the “Australian University of the Year” in two consecutive years (1999–2000, 2000–2001) by the Good Universities Guide, and is internationally recognised. It has two main campuses: the primary campus on Northfields Avenue, and the Innovation Campus on Squires Way. The University’s Sydney Business School also has a secondary campus in Sydney. Wollongong has a number of primary and high schools, including public, denominational and independent. Specialist high schools include the selective Smith’s Hill High School, the Illawarra Sports High School, The Illawarra Grammar School, St Mary Star of the Sea College (all-girls Catholic high school), Edmund Rice College (all-boys Catholic high school), Holy Spirit College (Co-educational Catholic high school), Cedars Christian College, Illawarra Christian School and the Wollongong High School of the Performing Arts.
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Employment Wollongong is a major employment hub with high levels of growth forcast over the next 20 years. With the current housing shortage in Sydney and the increase in WFH (Work f rom Home) as a result of the Covid-19 pandemic, there is an increase in families choosing to live in Wollongong and commute to Sydney, to take advantage of a desirable coastal lifestyle.
*APPROX. BOUNDARY ONLY
26% increase over the next 20 years for the Wollongong City Council Population. The Wollongong City Council population forecast for 2021 is 221,157, and is forecast to grow to 278,744 by 2041. Source:forecastid.com.au
120-122 SMITH STREET WOLLONGONG
HIGH FORECAST GROWTH Wollongong City Council’s Gross Regional Product is estimated at $13.00 billion, which represents 2.07% of the state’s GSP (Gross State Product). Source: forecast.id.com.au CONNECTIVITY The site offers excellent connectivity via Road, Rail & Cycleways • Princess Hwy - 1km - offering access to the M1 • M1 Motorway – an arterial link to Sydney/Melbourne - 2.4kms • Wollongong Station – 750m The Illawarra Sydney commute circa 1.5 hours • Cycleways - 900m
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GROWING POPULATION IN WOLLONGONG CBD
LARGE SCALE OFFERING 120-122 Smith Street Wollongong offers rare opportunity to acquire a large scale Mixed use development site ideally positioned ate the Western end of the CBD and only 700m f rom Wollongong train station.
WOLLONGONG BEACH COLLEGIANS
120-122 SMITH STREET WOLLONGONG TRAIN STATION
L O C AT I O N // WO L L O N G O N G
CROWN STREET
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WOLLONGONG HOSPITAL APPROX. 1KM
120-122 SMITH STREET WOLLONGONG
*APPROX. BOUNDARY ONLY
METHOD OF SALE
The property is offered for sale by expression of interest, closing at 4pm on Wednesday 27th October 2021. Jemena have indicated that the following are the key components in the sale & deal structure.
Timing/Settlement A prompt settlement of up to 6 months f rom date of exchange will be considered. Development consent An unconditional sale is sought- however Jemena are willing to consent to the purchaser lodging a development consent or planning application prior to settlement.
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Remediation The has undergone an extensive remediation program as contemplated in the RAP. (Available in the data room). There will also be some ongoing monitoring required under a Long Term Environmental Management Plan (LTEMP). The site is being offered with a Section B site audit statement which will conf irm that the property has been remediated in accordance with the auditorapproved remediation planning documents and that the property can be made suitable for the proposed use if the property is managed in accordance with an auditorapproved environmental management plan. As such it is expected that the incoming purchaser will provide an indemnity to Jemena for future liability f rom the date of settlement.
S TEAOTIUST TORRUYC T U R E OUTGOINGS Folio Property & MMJ are delighted to offer this exceptional Mixed Use Development site to the market. This is a truly outstanding opportunity to acquire a strategically positioned site offering size and scale. To enable Jemena to assess the bids we request that your EOI provides the following: • Purchasing Entity • Purchase Price + GST • Deposit • Due Diligence Period LAND TAX High levelNO scope and proposed Consultants LAND TAX PAYABLE ON A • Settlement period SINGLE HOLDING BASIS. LAND • Conditions of offer VALUE $497,000 AS OF 01/07/2018 • Lawyers • Capacity to Internal approvals Funding COUNCIL Source RATES FIRB $6,247.00 P. A . Capability / Track Record Summary
RATES An assessment WATER will follow the EOI and without limitation the vendor is not obliged to accept any EOI.$4,400.00 The vendor P.may A . at its absolute discretion negotiate with any party at any time prior to an exchange of contracts or withdraw the property f rom sale. Following the assessment of proposals Jemena may grant a party an exclusive dealing period, TOTAL we anticipate this will align with Jemena’s board approval of a sale.
$10,647.00 P. A .
Due Diligence Material Extensive due diligence material is available to bona f ide purchasers upon signing an NDA . To arrange an inspection of the site or to request more detailed information please contact exclusive selling agents. Submission details: 4pm Wednesday 27 th October 2021 Submit to:
TIM JONES MMJ Real Estate Wollongong
JOHN MACREE Folio Property
0409 456 299
0412 222 511
tim.jones@mmj.com.au
john@macreeproperty.com
An assessment will follow the EOI and without limitation the vendor is not obliged to accept any EOI. The vendor may at its absolute discretion negotiate with any party at any time prior to an exchange of contracts or withdraw the property f rom sale. Following the assessment of proposals Jemena may grant a party an exclusive dealing period, we anticipate this will align with Jemena’s board approval of a sale.
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120-122 SMITH STREET WOLLONGONG
*APPROX. BOU
OUNDARY ONLY
SITUATED C E N T R A L LY I N WOLLONGONG’S CBD
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120-122 SMITH STREET WOLLONGONG
SITE PLAN
SITE PLAN
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Source: Edmison Jones Massing Plan
120-122 SMITH STREET WOLLONGONG
ZONING SUMMARY
ZONING SUMMARY Zone B6
Enterprise Corridor
1 Objectives of zone • To promote businesses along main roads and to encourage a mix of compatible uses. • To provide a range of employment uses (including business, off ice, retail and light industrial uses). • To maintain the economic strength of centres by limiting retailing activity. • To encourage activities which will contribute to the economic and employment growth of Wollongong. • To allow some diversity of activities that will not— • (a) signif icantly detract f rom the operation of existing or proposed development, or • (b) signif icantly detract f rom the amenity of nearby residents, or • (c) have an adverse impact upon the eff icient operation of the surrounding road system. 2 Permitted without consent Building identif ication signs; Business identif ication signs; Home occupations 3 Permitted with consent Advertising structures; Business premises; Car parks; Centre-based child care facilities; Community facilities; Depots; Entertainment facilities; Environmental facilities; Garden centres; Hardware and building supplies; Heavy industrial storage establishments; Home businesses; Hotel or motel accommodation; Industrial retail outlets; Landscaping material supplies; Light industries; Off ice premises; Oyster aquaculture; Passenger transport facilities; Places of public worship; Plant nurseries; Recreation areas; Recreation facilities (indoor); Recreation facilities (outdoor); Registered clubs; Respite day care centres; Roads; Service stations; Serviced apartments; Sex services premises; Shop top housing; Specialised retail premises; Storage premises; Take away food and drink premises; Tank-based aquaculture; Timber yards; Transport depots; Truck depots; Vehicle sales or hire premises; Veterinary hospitals; Warehouse or distribution centres
*Further to the above, please note that remediation only allows for shop top housing, no basements and ground floor car parking. *APPROX. BOUNDARY ONLY SOURCE:WOLLONGONG.NSW.GOV. AU/ABOUT/MAPS
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4 Prohibited Pond-based aquaculture; Any other development not specif ied in item 2 or 3
120-122 SMITH STREET WOLLONGONG
*APPROX. BOUNDARY ONLY
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DISCLAIMER
This document has been prepared by JLL /Folio Property/MMJ solely for the purposes of providing initial information to a select number of potential investors to assist them in deciding if they are sufficiently interested in the Property to proceed with further investigation. It is provided on a confidential basis and is not to be re-supplied to any other person or reproduced in whole or in part without the prior written consent of JLL. The information contained in this document is intended as a guide only; it does not constitute advice and does not constitute any offer or contract for sale otherwise. F or L lease O OorR PLANS Figures and calculations contained in this document are based on figures provided to JLL by outside sources and have not been independently verified by JLL/Folio Property/MMJ. Any projections or analysis represent estimates only and may be based on assumptions, which may not be correct. Except where otherwise provided, all references to rent, income or price are GST exclusive. Potential investors should not rely on this information as a statement or representation of fact and must make their own enquiries to verify and satisfy themselves of all aspects of such information. While such information has been prepared in good faith, no representations or warranties are made (express or implied) as to the accuracy, currency, completeness, suitability or otherwise of such information. To the extent allowed by law, none of the Vendors, JLL/ Folio Property/MMJ, or their respective officers, employees, contractors or agents shall be liable to any person for any loss, liability, damage or expense (“liability”) arising directly or indirectly from or connected in any way with any use of or reliance on such information. If any liability is established, notwithstanding this exclusion, it will be limited to AU$1,000.
