Marina project in Sydney’s north to sell in distressed circumstances

Expressions of interest for 35-39 Brooklyn Road close on Thursday, June 12.

An incomplete marina on the Hawkesbury River in northern Sydney has come up for sale after the developer went bust – the latest in a string of distressed sales due to building company insolvencies.

The prime 8,212 sqm site at 35-39 Brookyln Rd, approved for a marina development, was alleged to have hit the market under distressed circumstances.

The north-facing property, already DA-approved for 13 luxury residential lots, each with its own private deepwater mooring, includes plans for a 13-berth marina.

It is being sold by Colliers agents Matthew Meynell, Tom Appleby and Hugh Gittoes on behalf of BPS Resolved, the appointed receiver and manager.

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Waterfront parcels of land rarely come up for sale.

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The sale, reported to have been triggered by financial distress, underscores a rising trend of receivership listings as developers and landowners struggle to manage spiralling construction and holding costs.

“Distressed receivership sales are on the rise as capital-stressed property owners battle with higher costs,” Mr Meynell said.

“Our team anticipates this campaign to be hotly contested – waterfront developments with marinas very rarely become available.”

The development-ready site lies within one of Sydney’s most coveted enclaves where demand for approved land has been surging.

Rising demand has come amid a council backlog that continues to frustrate builders across the city’s northern suburbs.

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The waterfront project pictured after it was listed.

“Scarcity of private direct-access marina berths will no doubt drive interest from the market,” Mr Appleby said.

Positioned amid national parklands and with sweeping river views, Brooklyn is known for its appeal to downsizers.

It has also been popular with retirees and sea-changers drawn to its quiet charm, natural beauty, and village atmosphere.

The town’s tight housing supply, coupled with a growing appetite for lifestyle properties near Sydney and The Central Coast, is expected to fuel fierce competition.

Expressions of Interest for 35-39 Brooklyn Road close on Thursday, June 12.