Aged care provider swings for North Manly golf club
North Manly’s Warringah Golf Course clubhouse will be no more, after a mystery aged care provider bought it for an undisclosed sum.
The 4071sqm property, home to the golf course clubhouse since 1939, was offered for sale as the club seeks to relocate the clubhouse, which lies across the road from the course itself.
Realcommercial.com.au revealed in April that the clubhouse site was expected to attract interest from residential developers in the notoriously expensive North Manly market.
But an unnamed aged care provider pulled off an almighty coup, seeing off heated local and offshore competition to secure the property.
CBRE’s Aaron Arias and Richard Gell negotiated the deal for an undisclosed price, in conjunction with Matthew Sartori from the agency’s health, aged care and retirement living team.
Sartori says it is rare for an aged care provider to trump residential developers in a battle for a prime site.
“Typically, aged care has not been able to compete with the residential development market on prime sites, but with a bit of a shift within the market and with perceived oversupply of residential in certain areas, with the right site criteria this is changing, as demonstrated by this sale,” Sartori says.
Arias says the site’s development potential proved to be its biggest drawcard.
“The strong result reflects the current strength in demand for residential development and aged sites in the sub-$20 million price range,” he says.
“Furthermore, the Northern Beaches’ close proximity to amenity, including shops, healthcare services, reputable schools and frequent public transport links into the Sydney CBD, were also key selling factors.”
Warringah Golf Club is reportedly hoping its clubhouse relocation will form part of a larger development that is tipped to include a combined sports club and other associated sports facilities in surrounding parkland.