Forestville mechanic’s to become over-55s development

A prime site in Forestville has sold to a boutique developer for more than $3.8 million.

And the new owner hopes to develop the site with an over-55s townhouse project. Agent Troy McKinstry, of LJ Hooker Forest, says the development will meet a huge need in the area.

“There’s not enough good quality new townhouses in the area, especially from downsizers who want to move out of their large family homes but want to stay in the area,” he says.

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McKinstry says he cannot reveal the actual sale price of 681 Warringah Rd, but confirms it was more than the price guide of $3.8 million. The identity of the buyer is also under wraps but he says it was a Hurstville-based developer who specialises in boutique projects.

This site at 681 Warringah Rd, Forestville, has been bought by a boutique developer.

The block, zoned low-density residential, is beside the new footbridge across Warringah Rd and is in a prime location next to a Presbyterian church and community centre. It has a 31m frontage, is 88m deep and is currently leased to a mechanic until the middle of this year.

Meanwhile, another potential development site further down Warringah Rd is still on the market with a price guide of $5.1 million.

The site at 681 Warringah Rd, Forestville.

The 1448sq m property at 702 Warringah Rd includes a petrol station, which has a current lease until February 2020 and five-year options. Gross rent is $260,000 plus GST.

Paul Cunningham, of Raine & Horne Commercial Northern Beaches, says the property is a solid investment and also presented an opportunity to take advantage of surrounding development in the area as the new Northern Beaches Hospital takes shape.

There is also an older-style home on the site.

“We have had some good interest in the property,” he says.

The land is zoned special purposes and on the corner of Laurel Chase. CoreLogic RP Data records show it last traded in December 2010 for $1.41 million.

This article from the Manly Daily was originally published as “Prime site snapped up by boutique developer”.