Aged Care Provider Secures Warringah Golf Club
Strong growth in Australia’s aged care sector has underpinned the sale of a prominent North Manly landholding – the Warringah Golf Club’s clubhouse facilities.
An aged care provider secured the 4,071sqm property at 397 Condamine Street, which is located in one of Sydney’s most sought after residential locations.
CBRE’s Aaron Arias and Richard Gell – in conjunction with Matthew Sartori from the firm’s health, aged care and retirement living team – handled the competitive four week marketing campaign, with the property attracting significant buyer interest from domestic and offshore groups.
The sale follows the proposed relocation of Warringah Golf Club’s clubhouse facilities to a new site on the golf course, or in improved proximity to it.
“This conditional sale places the vendor in a favourable position in its bid to be the successful tenderer in Northern Beaches Council’s ‘District Park Plan of Management’, which includes the development of a combined sports club, lease of the golf course and other associated sports facilities,” Mr Gell explained.
The property’s development potential in one of Sydney’s most revered suburbs was a major draw card attracting buyers, Mr Arias explained.
He commented: “The strong result reflects the current strength in demand for residential development and aged sites in the sub $20 million price range. Furthermore, the Northern Beaches’ close proximity to amenity including shops, health care services, reputable schools and frequent public transport links into the Sydney CBD, were also key selling factors.
