Sydney’s Lower North Shore industrial infill development site with DA sold by Knight Frank

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Dec 2, 2024

Sydney’s Lower North Shore industrial infill development site with DA sold by Knight Frank

A vacant block of land in Sydney’s Lower North Shore at 23-25 Higginbotham Road in Gladesville sold for more than $10 million negotiated by by Knight Frank agents Anthony Pirrottina, Demi Carigliano and Angus Klem.

Knight Frank

23-25 Higginbotham Road in Gladesville sold by Knight Frank
Knight Frank

23-25 Higginbotham Road in Gladesville sold by Knight Frank

A vacant block of land in Sydney’s Lower North Shore with development approval for a multi-level strata industrial development has sold for more than $10 million.

The 4,228sq m infill property at 23-25 Higginbotham Road in Gladesville is approved for 18 warehouses, 29 storage units, a café and a 95-place childcare centre. It includes ground floor parking, with two levels of warehouse and storage above.

It was purchased by a local developer following an Expressions of Interest campaign run by Knight Frank agents Anthony Pirrottina, Demi Carigliano and Angus Klem on behalf of the vendor, Motive Properties.

Mr Pirrottina said there was strong buyer demand for the property during the campaign, with 124 enquiries resulting in five offers.

“In addition to interest from established industrial developers, there was significant demand from residential developers looking to move into the less regulated commercial/industrial sector,” he said.

“The property was a rare opportunity, being a vacant infill site just 10 kilometres from Sydney’s CBD.

“Not only does it have development approval for a high-quality strata development, but the construction certificate is also well advanced, with the site cleared and levelled, so it’s almost ready for the buyer to start the project.

“The buyer intends to start construction of the project in the second half of 2025.”

Mr Klem said the sale price for the Gladesville property equated to a rate of more than $2400 per square metre of land.

“This is reflective of the chronic shortage of industrial land on the Lower North Shore, and buyer demand for this unique offering within the heart of Gladesville’s tightly-held industrial precinct.

“The end product of the approved development on this site will be highly sought after by users, particularly in the affluent local catchment of Putney, Hunters Hill and Gladesville, with the supply of warehouses within the area extremely limited.

“Strata industrial rates continue to grow, with comparable new projects achieving north of $10,000/sq m of sellable area throughout Inner Sydney.”

Knight Frank’s recently-released Australian Horizon 2025 report found industrial land values have remained stable despite rising construction costs and pressure on asset values, and the scarcity of readily developable land means this is likely to continue in 2025, with a potential return to growth.