An entire block of 12 apartments owned by a famous family on the north coast for more than 50 years has hit the market for the first time. And already investors and developers are circling.
An entire block of 12 apartments owned by a famous family on the north coast for more than 50 years has hit the market for the first time.
Nr. 5 Morton St, Wollstonecraft was developed by the high-profile political figure Sir John Cramer in the early 1960s.
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Sir John was elected Lord Mayor of North Sydney in 1939, and ten years later he joined the House of Representatives as a member of Bennelong.
In 1956, Australian Prime Minister Sir Robert Menzies appointed Sir John Minister of the Army.
He and his wife Dame Mary Cramer were prominent social figures. The latter was awarded the title of Lady in recognition of her many years dedicated to charity and community service.
The Cramer family has owned the 1457 sqm Morton St property since it was built, but has now built it with Guillaume Volz and Henry Burke, of Colliers.
They are selling the primary property through an international expression of interest campaign that closes on October 7 at. 16:00. They have not released a price guide for the unique property.
But industry sources predict it will likely sell for more than $ 15 million. Sir. Volz, national director of Colliers National Developments, says it is a rare opportunity.
“An opportunity to access a site like this in Wollstonecraft has not been on the market for many years,” he says.
“This property offers a secure investment with income as well as a unique development opportunity. This is a highly valued and desirable location in an environment that has limited future supply. ”
Whether it is a secure investment and income stream or opportunity for boutique development, agents expect great interest.
Sir. Volz said Colliers’ development site team has traded over $ 385 million. At development sites across the north coast alone in the last 12 months, showing the huge demand from developers for access to boutique-located sites.
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Originally released as Wollstonecraft device blocklists for the first time in more than 50 years