NSW Farmers in city sell-off
Australia's largest state farming organisation is selling two lower north shore office blocks, in prime redevelopment zones, to improve its services for member farmers.
NSW Farmers paid $60.2m for a 10-storey commercial site, including its head office, on the Pacific Highway in 2018 and more than $12m for a three-storey office block in St Leonards in 2010.
Both are now being offered for sale by Colliers Sydney North, which has recently sold prominent sites in the area for between $17m and around $58m.
The NSW Farmers Board said it was seeking to capitalise on the emerging opportunities in the St Leonards/Crows Nest area, following the opening of the Metro train network and the state government's housing priorities.
The sale will also allow NSW Farmers to invest further in providing improved member services and advance advocacy outcomes.
Tom Appleby of Colliers wouldn't be drawn on price expectations but said the Crows Nest/St Leonards/Greenwich precinct was hotly contested both for current use and potential redevelopment within a once-in-a-generation planning environment.
'While value-add office groups and developers are likely to show predominant interest, we also anticipate a number of medical operators, particularly mental health, respite care and pharmaceuticals to express interest given both properties' convenient position very close to one of Sydney's pre-eminent health hubs,' he said.
No.154 Pacific Highway is on 3080sq m of land, 600m from St Leonards Station and has the potential for 32 per cent more gross floor area – taking it to 9240sq m.
No.40 Oxley St, St Leonards is a renovated block on 1684sq m of land 200m from Crows Nest Metro Station and within the Transport Oriented Development precinct, with a 64m height limit in that area.
Both sites have expressions of interest campaigns closing on July 17.
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