Charter Hall Sells 100 Glover Street, Mosman

Charter Hall (ASX: CHC) was successful in selling 100 Glover Street, Mosman at auction yesterday evening, with the three level commercial building selling for $9.8 million; a price that is 10% above the book value for the building. 

Charter Hall's Diversified Property Fund secured a Development Application in June 2010 to transform 100 Glover Street into a state-of-the-art four level residential offering, providing a unique opportunity to develop high quality residential apartments in the heart of Mosman.  The building is currently occupied by EMI Music Australia, whose lease expires at the end of March 2011. 

Charter Hall's Joint Managing Director, Mr David Harrison, said: '100 Glover Street is a great site.  It is located within minutes of Mosman's stylish retail and commercial precinct and presents a highly sought after opportunity to develop new quality residential apartments in the area. 

'We are very happy with the result of last night's auction and believe this highlights the growing demand for high quality assets in the Sydney market,' Mr Harrison added. 

The property was sold through Simon Fenn and Stuart Cox of CB Richard Ellis (CBRE) and Geoff Smith and Tim Abbott of LJ Hooker Mosman. The auction room was well attended with strong bidding from eight interested parties. 

Stuart Cox, CBRE said: 'The sale of 100 Glover Street clearly demonstrates the strong underlying demand from developers for residential sites on the lower north shore. Aggressive bidding and strong interest throughout the entire marketing campaign led to a record result being achieved for this property equating to $280,000 per unit site.' 

The proposed development consists of 35 luxury residential apartments with basement and ground parking for 47 vehicles.  The development has been designed to complement the character of the surrounding area by blending between the existing commercial buildings to the west and the low rise residential dwellings to the east. 

Access to the car park will be from the rear frontage to Lindesay Lane, which currently provides access to the existing basement car park. The upper levels of the development will feature harbour, CBD and district views.

Rachel Mornington-West
Senior Communications Manager
Charter Hall
Tel:+61 2 8908 4093
rachelm@charterhall.com.au

The project's development specifics include:

• total internal living area of 2,285sqm offering 35 residential apartments comprising 10 x 1-bedroom units, 12 x 1 bedroom + study units, 9 x 2-bedroom units, and 4 x 2-bedroom + study units
• the complex will incorporate 700sqm of private open space comprising private balconies and courtyards
• basement/ground parking for 39 resident spaces and eight visitor parking spaces accessed from Lindesay Lane to the rear of the complex.  Each unit will also be provided with a secure basement storage area
• located on the edge of Mosman's retail and commercial precinct
• benefits from excellent access to public transport to the City, North Sydney, Northern Beaches and surrounding areas with bus and ferry services providing access to and from the CBD.