Seven neighbours in Manly Vale have banded together to sell their combined 2785 square metres of R2 zoned land to developers wishing to capitalise on the area’s growth.
Recently approved development of the area includes a B-line express bus terminal and carpark 350 metres away, along with a $24 million upgrade of Manly Vale Public School, according to selling agent, Jacquelynn Watson from Ray White Balgowlah.
R2 zoning permits dual occupancies and multi dwelling houses as well as senior’s housing and some commercial use with consent.
Ms Watson believes that the $13 - $16 million price guide for 38-50 Kenneth Road is good value and it might not be long before the blocks are zoned R3, while the right R3 submission might even get through now.
“The vendors are flexible and willing to take an option on the land while the developer applies to council,” she said.
“There are units to the left and right of these properties and the area is growing rapidly” she said.
She described the recent sale of a 390 square metre block at nearby 23 Laurie Road for $1.875 million as relevant to the price guide.
“Whatever you build there will go like hotcakes. You will sell them off the plan, it is a no brainer,” she exclaimed.
“You don’t see this size blocks of land for sale around here any more. It is a very rare opportunity.”
“You only have to cut through a few streets and you are on Manly beach. In contrast to the Northern Beaches’ rugged coastline it is a level walk to the beach which is one of the big selling points of these properties.”
Also easy walking distance from the block are numerous cafes and supermarkets, Harris Farm, homewares stores, Stocklands Shopping Centre, churches and the recently redeveloped Andrew Boy Charlton Aquatic Centre.
Warringah Mall, which has also just received a $310 million redevelopment, is 1.9km away.
Ms Watson believes accommodation for those aged 55 and over would be a good option for this block as it is desperately needed on the Northern Beaches.
“We are so short of retirement accommodation here. I don’t think there has been enough focus on allowing people to move through the different stages of their lives.”
“A downsizer would be prepared to pay good money for a property in a location like this, close to all amenities and on the flat.”
The properties are offered for sale by Expressions Of Interest, closing Friday 10 March at 5pm.
