4 Olphert Avenue, Vaucluse and 1C John Street, Hunters Hill, both trophy development sites with luxury residential potential, have been listed for sale on behalf of Telstra. Stonebridge’s Lincoln Blackledge and Spero Xenos have been exclusively appointed to steer the on- market Expressions of Interest campaign.
The freehold development sites, situated within two of Sydney’s most affluent suburbs, are improved with telephone exchanges originally constructed in circa 1950’s. Both properties are characterised by oversized double-storey brick buildings, each with unique character and each exceeding current planning controls. Blue-chip holding income is on offer via short-term leasebacks to Australia’s largest telecommunications carrier, to facilitate decommissioning and exit at both sites.
Stonebridge’s Mr Blackledge said:
“This portfolio presents a rare opportunity to acquire prime positions within tightly held Sydney suburbs. The unique built forms sit above current height & FSR controls, providing flexibility to high- end residential developers, owner occupiers or alternate groups such as childcare.”
While the elevated corner site in Vaucluse offers water views from both top and bottom levels, and potential CBD views, the Hunters Hill site enjoys a substantial 1,695 sqm allotment and ultra- convenience to St Joseph’s College, Hunters Hill.
Mr Xenos said:
“Telstra have invested significant time and resources into producing valuable concept schemes for high- end, multi-unit dwellings at both sites. We anticipate immense interest for the potential end products, given the rare and unique nature of the offerings, as well as positions close to some of Sydney’s finest schools,”
Mr Blackledge added,
“The ability to acquire sites with significant built form below replacement cost, whilst enjoying short-term holding income, is an attractive proposition in the prevailing development climate – particularly in suburbs where freehold development sites rarely come to market.”
Vaucluse & Hunters Hill are home to some of Sydney’s most affluent households, with median household incomes sitting at 50% and 48% above the state average, respectively. The suburb of Vaucluse boasts a median house price of $9,000,000 – the joint highest in Australia.
4 Olphert Avenue, Vaucluse and 1C John Street, Hunters Hill are For Sale individually or together by Expressions of Interest closing 4pm (AEDT) on Wednesday, 13 March 2024.