Savills list Greenwich development site with $30 million hopes

A five-storey commercial building and residential dwelling in Greenwich on Sydney’s blue-chip Lower North Shore has hit the market with around $30 million expectations. 

The two adjoining properties are being sold by Ramsay Health Care, Australia’s largest owner of private hospitals, which has operated a hospital on the site since 1973.

Ramsay Health Care has recently built a replacement hospital in St Leonards. 

Billed for mixed-use or residential development subject to council approval, 2 Greenwich Road (above and below) and 3 Anglo Road occupy 2,464 sqm of Commercial Core and Low Density Residential land.

Savills Australia’s Neil Cooke, Stuart Cox and Johnathon Broome have been appointed to manage the international expressions-of-interest campaign, saying they expected significant enquiry from mid- to long-term investors, as well as “sophisticated developers looking to finalise the permit-planning process and develop a landmark boutique residential project”. 

“Such prestigious development opportunities rarely come to market in this tightly held Lower North Shore location,” Cooke said.

“The property offers genuine income potential with the additional upside of a future mixed-use development (STCA).”

For the 2 Greenwich Road parcel, the planning proposal recently received “Gateway Approval” to include “Shop Top Housing” as a permitted use, and an increased building height limit from 25 metres to potentially 33 metres, with the proposed floor space ratio maintained at 3:1.

“The existing building enjoys outstanding panoramic and uninterrupted views back to the Sydney CBD and Sydney Harbour, which will only be improved through further redevelopment of the site,” Cox said.

“This asset is strategically positioned to do just that, by capitalising on its mixed-use or residential redevelopment potential in the future (STCA).”