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INFORMATION MEMORANDUM
381 Military Road, Mosman, NSW, 2088
Commercial / Development & Rezoning Potential (STA)
At the Indented Bus Bay on the Gateway of Mosman
(The $500 million project funded by the government)
Presented by: The Property Gallery International
3 8 1 M I L I T A R Y R O A D , M O S M A N / 3 I N F O R M A T I O N M E M O R A N D U M2 /
THE LAST FREEHOLD PROPERTY
NOTHERN BEACHES
B LINE PROJECT
& DEVELOPMENT POTENTIAL
ON MILITARY RD WITH HUGE
DEVELOPMENT POTENTIAL
The Property Gallery is pleased to present 381 Military Road, Mosman for sale. This prime site is located in Mosman, one of the most reputable suburbs on Sydney’s Lower North Shore, only 5 kilometers from Sydney’s CBD. The site commands a prominent position with very wide street frontage to Military Road. This property is located at the future Cremorne Junction by Northern Beached B Line Project. This site has invaluable commercial development potential for high rise commercial building in near future (STCA). This is a very rare opportunity to enter Mosman market, the last freehold property with development/conversion potential on Military Road.
The NSW Government is taking action to deliver transport improvements for the Northern Beaches, including an integrated program of service and infrastructure improvements to deliver a new B-Line bus service. The B-Line service is scheduled to start operating in late 2017. The B-Line will provide more frequent and reliable bus services for customers travelling between Newport and the Sydney CBD.
According to the most recent notice received, there are going to be 64 bus services passing or stopping at Cremorne Junction every 5 minutes (over 10,000 buses every day) i.e. in front of 381 Military Road during peak hour. The new Cremorne Junction is going to be only bus bay in Cremorne and Mosman. Letting along the huge development potential, the commercial value of this property is going to be invaluable.
(Source: Northern Beaches B-Line Project Website: http://b-line.transport.nsw.gov.au/)
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(Source: Northern Beaches B-Line Project Website: http://b-line.transport.nsw.gov.au/)
(Source: Northern Beaches B-Line Project Website: http://b-line.transport.nsw.gov.au/)
B-LINE SERVICES
B-Line delivers more reliable and frequent services
Around 900 new commuter car spaces
The B-Line has been extended to Newport
B-Line services will run every five minutes in the busy morning and afternoon peak commute periods, and every 10 minutes at other times of the day, including weekends. The B-Line service will run until 12.30am every day, with services every 10 minutes in the late night up to 11pm.
To support the operation of the B-Line service, around 900 new commuter car parking spaces are being provided over six locations between Mona Vale and Manly Vale. This will include some at-grade and some multi-level car parks, with attention paid to quality urban design outcomes and connectivity between the car parks, B-Line stops and the local road network.
A new bus service plan has been released for the Northern Beaches, while the B-Line will be extended to Newport. Find out more about the new service plan on webpage.
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PROPOSED B-LINE PROGRAM
WORKS AT MOSMAN
TRAFFIC VOLUME
According to SEPP Road Corridors Clause 102*:
Development for any of the following purposes that is on land in or adjacent to a road corridor for a freeway, a tollway or a transit way or any other road with an annual average daily traffic volume of more than 40,000 vehicles (based on the traffic volume data available on the website of the RTA) and that the consent authority considers is likely to be adversely affected by road noise or vibration:• building for residential use;• a place of public worship;• a hospital an educational establishment or;• childcare center.
The current zoning of this property is R3, the rezoning potential becomes obvious.
(Source: Northern Beaches B-Line Project Website: http://b-line.transport.nsw.gov.au/)
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EXECUTIVE SUMMARY MOSMAN LOCATION AND
DEMOGRAPHIC PROFILE
ADDRESS
LAND SIZE
LEGAL DESCRIPTION
ZONING
BUILDING HEIGHT
FSR
COUNCIL
381 Military Road, Mosman NSW 2088
500 sqm
Lot 4, DP652672
R3 Medium Density Zoning
11 meters
1
Mosman Council
Mosman local Government Area is a well-established area located on the northern shore of Sydney Harbor in the inner ring of metropolitan Sydney. Mosman covers an area of 8.52 square kilometers, the land is predominantly residential – around 65% of land in the municipality is zoned for residential use and occupied by a range of housing types. Business, recreation and other special uses occupy a small proportion of the area.
Over the past few years, the population of Mosman stayed stable; compared with Greater Sydney, Mosman’s population is generally better educated, earns higher than average salaries, work as professionals, pays more for its housing, and is more mobile. There are a higher proportion of persons at post-retirement age, a lesser proportion of couples with children, more residents who live alone, and more who occupy flats or apartments in Mosman compared with Greater Sydney.
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COMPARABLE PROPERTIES COMPARABLE PROPERTIES
DEVELOPMENT SITES RECENTLY SOLD RETAIL PROPERTIES
CHANGE IIN MEDIAN PRICE (HOUSE)
PERIOD
DEC 2016
DEC 2015
DEC 2014
DEC 2013
DEC 2012
DEC 2011
DEC 2010
DEC 2009
DEC 2008
DEC 2007
% CHANGE
13.02%
17.45%
12.21%
14.18%
-10.15%
4.04%
8.54%
-6.82%
-3.83%
21.68%
MOSMAN MOSMAN
% CHANGE
16.67%
13.68%
14.67%
-11.49%
5.64%
8.05%
-6.82%
-3.83%
-21.68%
0
Statistics are calculated over a rolling 12 month period
This freehold property only listed at Strata tile properties’ price.
ADDRESS SOLD IN PRICELAND AREA
FLOOR AREA
CATEGORY
797 MILITARY ROAD, MOSMAN
116 BELMONT ROAD, MOSMAN/339 MILITARY ROAD, MOSMAN
188 MILITARY ROAD, NEUTRAL BAY
Dec 2016
May 2017
Oct 2016
$3,210,000($19,700/sqm)
$2,740,000($20,000/sqm)
$5,850,000($38,500/sqm)
163 sqm
N/A
152 sqm
223 sqm
137 sqm
152 sqm
Freehold
Strata Title
Freehold
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FINANCIAL OVERVIEW BACKYARD
COMMERCIAL TENANT
LEASE COMMENCEMENT
LEASE TERM
GROSS INCOME
OUTGOINGS
CURRENT NET INCOME
EXISTING IMPROVEMENT:
Art Deco House
Floor Area: 228 sqm
5 Room Commercial
2 Bedroom Residential
4 Onsite Parking
Music School
1st May 2017
2 Years
$182,000 per annum
Water Rate: $1150 per annum
Land Tax: approx. $8000 per annum
Council Rate: $1740 per annum
Insurance: $1000 per annum
$170,000 per annum
I N F O R M A T I O N M E M O R A N D U M 3 8 1 M I L I T A R Y R O A D , M O S M A N1 4 / / 1 5
COMMERCIAL POTENTIAL
381 MILITARY ROAD
MOSMAN DAY & NIGHT
TRAFFIC
The area’s proximity to the harbor, high level of amenity, and close proximity to the Sydney CBD makes Mosman a sought after and expensive address in Sydney. Local residents ‘purchase power is second to none in Sydney.
Meanwhile, upgrade in public transport in this area will bring in more vehicle and pedestrian traffic into the area. In near future, taking pervious urban upgrade examples at or near road junction in comparable areas into consideration, Military Road has a strong potential of being converted into an area with higher density.
According to recent statistics, currently over 500 thousand people drive or walk past Military Road per day and this figure is expected to be dramatically increased once the public transportation is improved.
Current Commercial Potential
Childcare Centre;
Hostel/ Boarding House;
Coaching School;
Residential Flat Building;
Showrooms;
Respite Day Care Centre;
School & Educational Institutes etc.
Approval for Signage & Screens
• Signage of up to 4 meters.
• LED Lights
• Screens
Removal of Trees
Trees in the front and backyard can be
removed (STCA)
The spit and military roads arterials corridor
passes through the municipality carrying a
large volume of traffuc (up to 78,000 vehicles
per say) from the Warringah Peninsula to the
city and beyond.
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OTHER IMPROVEMENTS IN THE AREA SYDNEY METROPOLITAN PLAN
Improvement in the next 5 years
Manly/Mosman
• New Public Transport
• Variable Message Sign
• Walking and Cycling Networks
• Reconfiguration of turning lane along Spit
Road and Military Road in Mosman and
Cremorne
• Planning for a second harbor rail cross
• Upgrades to Mosman Bay and Cremorne
Point ferry wharves
• New and more frequent bus services
• Enhanced bus services to improve ferry
connection
Resource: Northern Beaches Transport Action PlanNSW Government 2017
Sydney Metropolitan Plan (2014), is the NSW Government’s plan of the Sydney Metropolitan Area over the next 20 years. The Plan will guide delivery of the Plan across six districts that form the Sydney Metropolitan areas including North District. These plans will guide the delivery of housing supply, jobs growth and infrastructure planning, and provide guidance on urban planning issues relevant to each district. Recent estimates are that 237,600 more people will need to be accommodated in the North District over the next 20 years, increasing the population in this region to 1.1 million by 2031. District planning is currently underway, and is due for completion in 2017.
Redevelopment opportunities along Mosman’s ‘spine’: Military Road
Opportunities for higher density development in Mosman are primarily concentrated around the Spit and Military Roads corridor (also known as the ‘spine’ of Mosman).
This area provides:• Access to arterial road network – The
Spit and Military Roads corridor is an arterial corridor which carries a large volume of traffic from the Warringah Peninsula to the city and beyond. Locating higher density development in this location provides residents with good access for private vehicles and public transport.
• Access to shops, services and community facilities (retail uses, commercial services, medical services and community facilities)
• Locating housing close to these centres reduces the need for vehicular travel. A mix of housing types are permitted with consent in these zones under the LEP.
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SURROUNDING DEVELOPMENTS
361-363 Military Road, Mosman
Residential Apartment with retails
Sold off-the-plan 2014
4 levels with 2 levels of basement
339 Military Road, Mosman
Residential apartments with retails
Sold upon construction completion 2017
5 levels with basement: 68 dwellings
I N F O R M A T I O N M E M O R A N D U M 3 8 1 M I L I T A R Y R O A D , M O S M A N2 0 / / 2 1
SALES PROCESS EXPRESSION OF INTEREST FORM
CONTACT
SALES DETAILS
PROPERTY ACCESS
PRICE INDICATION
TERMS OF SALE
PROPERTY:
PURCHASING ENTITY
PURCHASER’S SOLICITOR
NAME:
NAME:
MOBILE:
MOBILE:
SETTLEMENT PERIOD & SPECIAL CONDITIONS:
LODGED BY: (PRINT NAME)
SIGNATURE:
DATE:
Lodgment of Expression of Interest:
EOI should be submitted before via email.Yiran [email protected]
PURCHASE PRICE (EXCLUDING GST)
DEPOSIT
$
$
ATTENTION:
ADDRESS:
ADDRESS:
ABN/ACN:
ATTENTION:
EMAIL:
EMAIL:
381 MILITARY ROAD, MOSMANThe Property is offered for sale by Expression of Interest.
Inspections of the property are strictly by appointment only
$12,800,000.00
As per the terms and conditions contained in the Contract of Sale prepared by:Sunny Auyeung (Auyeung Hencent & Day Lawyers)
[email protected]: (02) 8006 5377 F: (02) 8006 5388A: Level 30, 133 Castlereagh Street, Sydney, NSW, 2000.
Yiran Zeng
Portfolio Manager & Associate Agent
M: 0451 459 490
Ph: (02) 8309 9009
The Property Gallery International
Suites 3.02/ 201 Elizabeth Street, Sydney, NSW 2000
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DISCLAIMER
This information memorandum (“IM”) has been prepared by The Property Gallery International Pty Ltd, trading as The Property Gallery, and is prepared on the basis on information provided to The Property Gallery in connection with the relevant transaction. Any statement or opinion made by The Property Gallery in connection with the transaction contemplated in the IM is not based on any actual or implied knowledge or consideration of the investment objectives, financial situation, legal or taxation position or any other particular needs or requirements of the recipients of this IM. All parties must make their own independent assessment and investigation including, without limitation, seeking professional advice, and must determine their interest in proceeding upon the basis of such independent assessment, investigation and appraisal. Any statement or opinion of The Property Gallery, whether express or implied, is not, nor should be construed as, a recommendation by The Property Gallery or any of its officer, agents or employees to participate in the transaction and, to that extent, no reliance will be placed on The Property Gallery or its associates. The Property Gallery and its associates do not warrant (expressly or implied) that information contained in this IM is complete, true and correct and not misleading or not likely to be misleading or deceptive. The Property Gallery and its associates are not responsible for and will not under any circumstances be liable for (whether in law, in equity, under statute or otherwise) any statement made or anything contained in or arising out of the information including, without limitation, any errors, mispresentation or omissions. The Property Gallery disclaims all responsibility for any loss or damage caused by reliance by any person on this IM or any representation, warranty or statement made by or on behalf of The Property Gallery. This IM is confidential and is for the sole use of persons directly provided with it by The Property Gallery and is not to be reproduced, copied or sent to any other person without prior written consent of The Property Gallery. The use by, or reliance upon this document by any other person is not authorized by The Property Gallery and without limitation to the above disclaimers, The Property Gallery is not liable for any loss arising from such unauthorized use or reliance.
Yiran Zeng
Portfolio Manager & Associate Agent
M: 0451 459 490
T: (02) 8309 9009
The Property Gallery International
Suites 3.02/ 201 Elizabeth Street,
Sydney, NSW 2000