Sydney, 18 May 2015 - Warringah Council is furthering its plans for the revitalisation of the Belrose town centre, and delivery of the Glen Street Cultural Hub, through the sale of 28 Lockwood Avenue, Belrose.
The property is being sold with a deferred settlement in February 2017 to facilitate the replacement of the ageing Belrose library with a new modern facility within the Glen Street Cultural Hub.
The completed Glen Street Cultural Hub project will bring a vibrant range of new facilities for the local community. Together with the Woolworths redevelopment of the adjacent Glenrose Shopping Centre, this represents in excess of $35m in planned new public and private investment in the heart of Belrose.
Mayor of Warringah, Michael Regan said ‘The Belrose Library has served the community for over 35 years, this new phase will ensure it serves the community’s changing needs for many more.’
‘The draft concept designs for the Glen Street Cultural Hub show a stunning new library space integrated with the street, café and theatre’, added the Mayor
CBRE was appointed as Warringah Council’s agents to conduct the sale process in April 2015.
CBRE National Director of Metropolitan Investments, Tim Grosmann said; “28 Lockwood Avenue is the key to realising the potential of a revitalised Belrose Town Centre. It represents a significant opportunity to capitalise on the substantial private investment in the redevelopment of the Glenrose shopping centre, and Council’s own planned investment in the adjacent Glen Street Cultural Hub.”
CBRE Director, Structured Transactions and Advisory Services, Colin Stewart added; “Local council’s throughout Australia are capitalising on opportunities to leverage strategically located and underutilised assets as a catalyst for the revitalisation of town centre precincts, realising significant value for their local communities in the process.”
He further stated; “Such projects breathe new life into the local economy and create positive social, cultural and economic benefits in terms of enhanced local trade, new facilities and local amenity.“
The 28 Lockwood Avenue Property benefits from the following features:
• A large site area comprising 5,332 sqm (approximate subject to survey)
• Zoning B2 Local Centre (Warringah Local Environment Plan 2011) providing for a variety of uses permitted with consent, including retail and shop top housing
• Deferred settlement terms to February 2017
• Adjacency to Glenrose Shopping Centre with plans for redevelopment approved by Joint Regional Planning Panel in 2014
• Ability to leverage significant public investment in nearby redevelopment of the Glen Street Cultural Hub project; and Northern Beaches Hospital project (approximately 2km from Property)
• Direct bus to Sydney CBD departing from Lockwood Avenue adjacent the Property
The property is being sold via a two-phase sales process commencing with an Invitation for Expressions of Interest closing Thursday, 28 May 2015 at 4pm (EST).
CBRE has received very strong interest in the property to date with parties recognising the underlying value of the redevelopment opportunity.
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