Prime beachfront development site in Manly sells after 172 days on the market

Sold – 92 North Steyne, Manly.

Mystery surrounds the sale of a prime development site on Manly’s beachfront this week.

CoreLogic data shows the 323sqm site, which currently has an older-style unit block on it, had been on the market for 172 days before a deal was struck.

MORE: Manly’s Ivanhoe Hotel sells for about $60m

Beachside boarding house site for sale

No. 92 North Steyne, Manly was marketed by Henry Burke, of Colliers Sydney, and Patrick Kelleher, of Pine Property Services Manly.

The site has a R3 Medium Density Zoning that includes a 13m height limit and is surrounded by high-end boutique apartments.

The agents reportedly had expectations of $10 million for the property.

However Mr Burke would not be drawn on the actual sale price achieved.

“Due to 92 North Steyne’s beachfront location, boutique nature and the recent spike in high end apartment sales we experienced record levels of interest from developers and investors looking to capitalise on the low interest rate environment and cheap cost of debt,” he said.

Mr Burke’s post. Source: LinkedIn

He did share more information in a post on LinkedIn, saying the sale set a new record.

“This site sale sets a new record for northern beaches land and proves that a well-crafted campaign is the best way to generate maximum competition amongst developers resulting in price maximisation for the vendor,” he posted.

“This exclusively rare Manly beachfront development site attracted 174 enquiries, 18 inspections and 12 EOI’s (expressions of interest) during the campaign period proving that demand for boutique development opportunities remains strong.”