An exceptional opportunity has come to market in the heart of Crows Nest on Sydney's coveted Lower North Shore. 

Located at 82-90 Alexander Street, this boutique development site, boasting development approval for 25 luxury apartments and ground floor retail across five levels, is available for acquisition following an expressions of interest campaign.

The site is offered to market by RWC (SC) managing director Samuel Hadgelias, in conjunction with Colliers director Tom Appleby, and Ray White Lower North Shore director Tim Abbott. 

With a combined site area exceeding 1200 sqm and existing improvements and the ability to generate substantial holding income, this will be one of the most compelling development offerings brought to market this year. 

The site was originally amalgamated by a syndicate of Investors managed by RW Capital and its development partner, Equicentia. 

Ben Kirby executive director of RW Capital said: “in conjunction with our development partners and Nettleton Tribe, we’ve achieved an outstanding approval that provides spacious, oversized two and three bed units that will appeal to downsizers coming out of larger homes on the lower North Shore. There is a very high barrier to entry to amalgamate a site of this size in Crows Nest, as such there’s limited competing stock of this nature in the immediate precinct.”

Mr Hadgelias anticipated fierce competition for this prime site. 

"Development opportunities of this calibre in Crows Nest, coupled with its proximity to the forthcoming metro station, are exceedingly scarce,” he said. 

“We're especially attuned to the strong demand from builders and developers for high-end 'downsizer' projects, which are widely seen as the most promising development ventures."

Mr Appleby said the appeal of Crows Nest was an urban village, emphasising its abundance of amenities and imminent metro station completion which is only 250 m from the site. 

Next April’s likely metro station opening, compounded with approximately 192,282 sqm of commercial floorspace forecasted to be developed over the next five years, are both set to perpetuate Crows Nest’s extensive  gentrification,”  said Tom Appleby, Director Sydney North Sales at Colliers.

Mr Abbott said the appeal of “88” was that North Sydney Council had advanced plans to demolish the Holtermann St carpark and replace it with approximately 1500 sqm of green space, in turn enhancing the site’s north-west vistas. The carpark will be underground. 

The agents remain tight-lipped on the exact price and they seek market feedback.

Notably, they point out that off-the-plan apartments in comparable locations have commanded prices "in excess of $30,000 per net saleable area."

Expressions of interest for 82-90 Alexander Street, Crows Nest, closes at 3pm (AEDT) on Thursday, October 19, 2023.