$3.75m for the RTA centre where you got your P-plates
A Ryde property that was once home to the former RTA has sold for $3.756 million.
The landmark block at 313-317 Blaxland Rd will be familiar to local families whose children gained P-plate status there after passing a learner driver test conducted by on-site testing officers.
Victor Sheu, who is among the Ryde centre’s P-plate alumni, and Peter Vines from CBRE, marketed the property on behalf of the State Government, who owned it.
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The 2172sqm site is zoned SP2 for special purposes, to provide infrastructure, but there is the potential to rezone and develop, subject to planning approval.
The site was listed on the market in March 2017 for expressions of interest.
After failing to find a buyer it was put to tender in February this year with more structured guidelines, Sheu says.
Over the course of both campaigns, CBRE received more than 200 inquiries and sent out 16 contracts.
“Everyone was looking at the property for different purposes,” Sheu says.
“It wasn’t just developers,” he says.
“A lot were thinking it could be used for commercial purposes. Religious groups also made inquiries.”
Sheu says the market determined the sale price.
“It’s such a unique property. How do you determine what it’s worth? We usually use comparable properties but there are none out there.”
Sheu says he is unaware of the new owner’s plans for the corner block site.