22-24 LAGOON STREET
NARRABEEN
Information Memorandum
PROJECTS
22-24 LAGOON STREET
NARRABEEN 5 Introduction
12 Location
7 Executive Summary
14 The Opportunity
10 Nearby Amenities
16 Sale Process
11 Narrabeen at a glance
18 Our Developments
PROJECTS
KEY HIGHLIGHTS INCLUDE • DA Approved with Council support for development of this site • Level walk to both Narrabeen Beach and Lake
• District and water views • Direct access to main transport links to the city and west by both bus and car • Corner block position with easy and efficient access
INTRODUCTION Raine&Horne Projects is pleased to present to the market a rare, boutique luxury residential apartment development site on the exclusive peninsular of land between Narrabeen Beach and Narrabeen Lake on the Northern Beaches of Sydney. The site is located on the corner of Wellington Street and Lagoon Street, Narrabeen Beach. The current owners have been granted a Development Approval for a scheme comprising of 9 luxury SEPP 5 seniors living apartments with lift access, ample parking and many with direct lake views. The Narrabeen Peninsula area is home to a growing number of high-end developments all catering to the downsizer market. These developments include ‘88 Lagoon’, ‘Ocean’ ‘Setai’, ‘Panorama’, ‘Zinc’ and ‘Heighleigh’. All of these have had ground breaking square meter rates achieved between $15,000psm to $22,000psm. The area has been undergoing a gentrification through low rise development over the past 5-10 years and offers a beach lifestyle with level access to all amenities including restaurants, supermarket and local strip retail along Pittwater Road. There is direct access to express city buses within 200m as well as the vehicular corridor of the Wakehurst Parkway and Mona Vale Road to enable easy access to the city and the west. The site is within easy access to both Narrabeen Lake and Narrabeen Beach making the apartments ideally suited to both owner occupiers and investors seeking the ultimate sea change move.
• Sloping block with low side access to minimise excavation costs • Current rental income to offset holding costs whilst finalising the development application and marketing
PROJECTS
EXECUTIVE SUMMARY Address 22-24 Lagoon Street, Narrabeen Potential Development • SEPP 5 seniors living opportunity • 9 x apartments • 18 x car spaces
Current Income 22 Lagoon St, Narrabeen $1000 per week exp: December 2018 24A Lagoon St, Narrabeen $645 per week Approximately 24B Lagoon St, Narrabeen $645 per week exp: December 2018
TOTAL INCOME: $2,290 / week or $119,080 /annum Area Summary 22 Lagoon St, Narrabeen 15.24 x 26.58 = Total: 557sqm 24 Lagoon St, Narrabeen 15.24 x 26.58 = Total: 557sqm
TOTAL SITE AREA: 1,114sqm (Level & detail survey available) OUTGOINGS Land Tax, Water Rates and Council Rates = $30,121 approx.
PROJECTS
PROJECTS
NEARBY AMENITIES
Cafes and Restaurants
Schools and Childcare
· · · · · · · ·
· · · · ·
Oceans Restaurant Mexicano Moonlight Drive Barbuto Limani Bar 2101 Zubi Café Cheeky Monkey
Pubs and Clubs · ·
Sands Hotel Narrabeen RSL
Shops and Centres · · ·
Woolworths Bunnings Centro Warriewood
North Narrabeen Public School St Josephs Primary School Narrabeen Lake Public School Narrabeen Sports High Our Little Friends Kindy
Parks and Recreation areas · · · · · · · · · ·
North Narrabeen Reserve Narrabeen Lake Sydney Academy of Sport Lakeside Park Narrabeen Golf Driving Range Narrabeen Lagoon Cycle Trail Narrabeen Beach Jamieson Park Middle Creek Reserve Deep Creek Reserve
NARRABEEN AT A GLANCE
3570
NUMBER OF RESIDENTIAL DWELLINGS APPROX.
4.6Km2
APPROXIMATE SIZE OF NARRABEEN
4.6Km
DISTANCE TO MONA VALE 9 MINUTE DRIVE
198
APARTMENTS SOLD LAST YEAR
$2,207,000 MEDIAN SALES PRICE OF HOUSES IN THE AREA
$5,530,000 HIGHEST HOUSE SALE
13.4Km
DISTANCE TO MANLY BEACH 29 MINUTE DRIVE
30-39
PREDOMINANT AGE GROUP
$3,400,000 HIGHEST 3 BEDROOM APARTMENT SALE
$2,800,000 HIGHEST 2 BEDROOM APARTMENT SALE
$875,000 HIGHEST 1 BEDROOM APARTMENT SALE
27.9Km
DISTANCE TO SYDNEY CBD 40 MINUTE DRIVE
PROJECTS
LOCATION Narrabeen is located 23km from the Sydney CBD, 14 km from Manly and 3km to Warriewood Square regional shopping area. It is situated within Northern Beaches Council on the Northern Beaches of Sydney. The area boasts many beautiful beaches such as Warriewood, Collaroy, Narrabeen and Mona Vale. 22-24 Lagoon Street is located within the exclusive area of Narrabeen known as Narrabeen Peninsula. This is the unique 2km strip of quality real estate bound by the golden sands of Narrabeen Beach & the Pacific Ocean in the east and the pristine waters of Narrabeen Lakes in the west. The area has consistently achieved record breaking sales results especially in the downsizer apartment and townhouse market. See below sales results for 3 bedroom apartments in similar recent developments: Ocean - 3 Bedroom Apartments Sold between $1,300,000 and $2,600,000 Setai - 3 & 4 Bedroom Apartments Sold between $2,300,000 and $3,050,000 88 Lagoon - 3 Bedroom Apartments Sold between $1,154,000 and $1,547,000 Panorama - 3 Bedroom Apartments Sold between $2,600,000 and $3,400,000 Zinc - 3 Bedroom Apartments Sold between $2,900,000 and $3,200,000 Heighleigh - 3 Bedroom Apartments Sold between $850,000 and $2,200,000 Narrabeen Peninsula being one of the best capital growth areas on the Northern Beaches, achieving ground breaking sales and record time on market, is one of Sydney’s most desired locations to live and delivers a true lifestyle offering that many downsizers are looking to attain.
PROJECTS
THE OPPORTUNITY 22 - 24 Lagoon Street, Narrabeen offers a rare opportunity to obtain a boutique DA approved development site in a premier market on the Northern Beaches. The DA approved site offers the new purchaser the opportunity to develop and, most importantly, the hard work has been done with Council. Once purchased you can immediately begin pre-sales and construction.
Architect: Barry Rush & Associates Suite 25A, 2 Beattie Street, Balmain, NSW 2041 T: +61 2 9555 8028 www. barryrush.com.au
PROJECTS
SALE PROCESS The site is being sold by Expressions of Interest (EOI) to an exclusive database for a limited time prior to a public campaign. Close Date: 11th July 2018 Raine&Horne Dee Why / Collaroy are the exclusive selling agents. INFORMATION REQUIRED In order to formalise your offer you will need to submit the following: • • • • • • •
Nominated Purchasing Entity Details including contact details and ABN if a company Details of the financing or bank who will be funding the acquisition Proposed purchase price Preferred terms Deposit amount Any due diligence requirements Purchaser’s solicitor’s details
DUE DILIGENCE Access to the following Due Diligence material is available by request: · · · · · · ·
DA information Site Survey Architectural plans Area schedule and proposed gross realisation Consultant Reports Site images Registration of interest form
(Raine and Horne Dee Why/Collaroy will issue no invitation to anyone to rely on the information contained herein. The Agents have formed no opinion as to the truth of the above information nor otherwise verified such information. No warranty can be given and all interested parties must therefore rely on their own enquiries) All offers to be summited on the ROI form by email to: PETER MOSEDALE pete@rhdwc.com.au 0408 177 207 685 Pittwater Road, Dee Why, NSW 2099
PROJECTS
LACHLAN YEATES lachlan@rhdwc.com.au 0414 660 033 685 Pittwater Road, Dee Why, NSW 2099
OV E R $1 3 BILLION DOLLARS & Mona Vale
Warriewood
Narrabeen Oxford Falls
Narrabeen Beach
Belrose Collaroy Beach
Collaroy
Frenchs Forest Forestville
Dee Why Beach
Balgowlah Heights
Dee Why
Curl Curl Beach
Freshwater Beach
Manly Beach Shelly Beach
Northbridge
Balgowlah Heights
Manly
PETER MOSEDALE DIRECTOR A lifelong Northern Beaches resident with nearly two decades of real estate experience to his name, Peter Mosedale is Director/Licensee in Charge at Raine&Horne Dee Why/Collaroy. Pete is a trusted advisor to his clients with extensive expertise across all facets of real estate, from residential sales to project marketing. In fact, no other agent in the area has his depth of knowledge when it comes to off the plan sales.
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OUR SERVICES Property Management
Residential Sales & Auctions
Commercial Sales & Leasing
Project Marketing & Site Amalgamation
Peter Mosedale • Director 0408 177 207 RaineHorne Dee Why / Collaroy 685 Pittwater Road, Dee Why
PROJECTS