Record price for rare vacant waterfront block
A prime vacant block of waterfront land in Hunters Hill has set a new suburb record selling to an international buyer for 'well beyond' its $4.5m price guide.
The rare 858 sqm property at Lot 3 McBride Ave attracted as many as 10,000 enquiries a week when it was listed on the market last month, through Sotheby's International Realty.
Agent James McCowan was unable to disclose details of the sale, however, said the reaction to the property had been phenomenal. He confirmed the sale price had exceeded the price guide of $4.5m, with an overseas-based purchaser securing the unique listing using a local buyers agent.
"We received a record breaking amount of enquiries - just the volume was something I have never experienced before in my life," Mr McCowan said.
"It is a land record price for Hunters Hill and beat the previous record by a country mile."
The allotment was originally part of 1 McBride Ave, which is owned by the family of the late John Armati who made his fortune in rural newspapers. It is believed the property was subdivided about 30 years ago.
According to CoreLogic RP Data, the land was owned under the family's business name Macquarie Portfolio Investments Pty Ltd.
The north-facing block, located at the end of a quiet street, is positioned on a sweep of the Lane Cove River. It is directly across from St Ignatius College Riverview and also offers an outlook over Tambourine Bay.
The 858 sqm block has an additional 122 sqm of land which is currently leased to Transport NSW. There is potential to build a new home, subject to Council approval, on the already established gardens.
Mr McCowan said it was an incredibly rare listing which resonated with high-end buyers. It is believed the last vacant waterfront block to sell in the suburb - a similar sized allotment in Sea Street - sold 30 years ago.
A 900 sqm vacant non-waterfront block - a former tennis court - located at 31 Woolwich Rd, Hunters Hill sold in March last year for $3.55m.
"I was trying to find waterfront blocks that were vacant to use as a comparable sale and I literally couldn't find anything," Mr McCowan said.
Mr Armati spent 34 years growing the family-owned newspaper business started by his father in Dubbo in the 1950s. When he sold the rural empire in 1995, it comprised of 64 titles across NSW. The media proprietor passed away in June 2017.
Originally published as Record price for rare vacant waterfront block