NSW Government nets $2.205m from land beside Gosford Hospital

A developer has purchased a government owned property at 11-15 Ward St in Gosford.
A developer has purchased a government owned property at 11-15 Ward St in Gosford.

The NSW Government has sold 2764sqm of land opposite Gosford Hospital to a developer under auction conditions.

The surplus parcel of land at 11-15 Ward St was the centre of a bidding war with nine different parties fighting to the end to buy the block in a desirable location.

More than 35 bids were exchanged in the contest before the hammer fell to a local developer for $2.205 million.

Records show the property had been under the ownership of Health Administration Corp who paid around $700,000 for the land in 1991.

The landholding was sold by Ray White Commercial Western Sydney directors Joseph Assaf and Victor Sheu, and managing director Peter Vines.

Assaf says it is located in a desirable location for prospective buyers with the hospital and train station nearby.

11-15 Ward St Gosford

The land is located opposite Gosford Hospital.

It is well placed to take advantage of the city centre.

“The second street access (via Faunce St) provides developers great access for future redevelopment,” he says.

The land has R1 General Residential zoning with a floor space ratio of 1:5:1 and a building height of 12m.

Assaf says the new owner could build apartments, boarding houses, or a childcare centre.

More than 100 parties should interest in the property during the campaign. The NSW Government offered the site with the option of a delayed settlement.

It follows the government completing a $384 million transformation of Gosford Hospital late last year.

This article from The Daily Telegraph originally appeared as “NSW Government sells land beside Gosford Hospital for $2.205m at hotly contested auction”.