Commercial property with upside in Sydney’s Northern Beaches business precinct sells

Sydney, Australia – A commercial asset with surplus land for potential development in the tightly-held Northern Beaches business precinct of Sydney has sold for more than $5 million.

The 5,358sq m property at 11 Narabang Way in Belrose consists of a single-level modern commercial building with 800sq m of gross floor area - including internal and external space - with 35 car parks, and circa 1800sq m of surplus land with development potential.

It is situated within the Austlink Business Park, strategically positioned at the intersection of Mona Vale Road and Forest Way.

The park caters to modern business needs, featuring state-of-the-art office spaces, ample parking, and immediate retail amenity in a natural environment, making it an attractive location for companies looking for high-quality office accommodation in a balanced work/life setting.

The Belrose property was purchased by a local developer for $5.15 million – and at a 5.5% net yield - in a deal negotiated by Knight Frank agents Mark Litwin and Anthony Pirrottina in conjunction with Toby Silk of Pentagon Property on behalf of the vendor, an entity related to Benedict, a supplier of bulk civil, landscape and recycled materials in New South Wales.

The commercial office building on the site is split into two tenancies, and the property was sold with a leaseback in place for the current vendor, with occupies one of the tenancies.

Mr Litwin said the property was sold via a competitive sales process, achieving a strong sale price and settlement terms for the vendor.

“We had multiple competing offers, with interest coming from investors, owner occupiers and developers,” he said.

“The offering appealed to a wide range of buyers given its flexibility, secure income and significant upside potential via a potential redevelopment on the surplus land, which is currently a manicured lawn.

“Possible high-value uses for the surplus land include early education and care facilities, goods repair and reuse premises, hardware supplies, health service facilities, a retail outlet, recreation facilities, self-storage facilities and vehicle workshops.

“The buyer intends to continue to manage the improvements under the current lease structure whilst pursuing the planning pathways for modernised redevelopment.”

Mr Pirrottina said the location of the property was a significant drawcard for buyers.

“11 Narabang Way is in a tightly-held business precinct, and this property has a high level of connectivity to major arterial roads and highways such as Mona Vale Road and Forest Way,” he said.

“It also occupies a serene bush-side position overlooking Bare Creek and Bungarra Waterfall, making it ideal for a lifestyle-oriented business premises.”


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For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
vanessa.degroot@au.knightfrank.com +61 410 460211

Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, the Knight Frank network has 740+ offices across more than 50 territories and more than 27,000 people. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Firm, please visit www.knightfrank.com.