Former Northside Clinic site has $30m price tag
Ramsay Health Care are eyeing a $30 million payday with plans to sell their first Australian and former flagship Northside Clinic in Greenwich.
The medical provider is selling a 2464sqm amalgamated site, made up of a five-storey hospital at 2 Greenwich Rd and an adjoining residential dwelling at 3 Anglo Rd. If sold, a new tower twice the size could be built housing 80 apartments.
The listing comes after Ramsay Health Care received gateway approval from the NSW Government last month to redevelop the site after many efforts to get their land rezoned.
Commercial Insights: Subscribe to receive the latest news and updates
The initial approval allows for the 2 Greenwich Rd land parcel to have “shop top housing” and an increased building height of 33 metres or about 10 storeys.
Shop-top housing will see the ground floor set aside for retail and cafes, while the remaining floors are used for residential apartments.
Savills Residential Site Sales director Neil Cooke, who is one of the agents in charge of the sale, confirmed that they had been advised that the area “must be rezoned in 18 months” from the day it received gateway approval.
The site currently occupies Commercial Core and Low Density Residential land under the Lane Cove Local Environmental Plan 2009. Cooke says this site would be in hot demand from developers who are eyeing off blue chip suburbs.
“We are seeing lots of the developers move to more sought after locations like the north shore because of the lending restrictions from the banks,” he says.
The Savills agent expects interest in the site to be made up by a mix of local, interstate and offshore developers. He also anticipates future shop top development on the site to be on the up market end of the scale.
“From its location on top of a ridge, the views are simply incredible, and any future development will take even more advantage of this,” he says.
Redevelopment will not commence until the rezoning is complete, which could be as late as April 2020.
This article from the North Shore Times originally appeared as “Apartment development to replace former Greenwich hospital site”.