Telecommunications giant Telstra is selling off two lucrative properties in a super rare listing, that could net it tens of millions of dollars.
The communications provider has listed for sale two redundant exchanges in two blue-chip locations.
The first is at 1c John St, Hunters Hill – “a rare and flexible development site located within a coveted Lower North Shore suburb”.
“Flexible development potential within a highly sought-after pocket of one of Sydney’s most affluent suburbs,” the marketing for the property reads.
The other site is at 4 Olphert Avenue, Vaucluse, where the potential is on offer for jawdropping harbour views.
Both listings have been brought to market by Stonebridge Property Group – Sydney and are for sale individually or together via an Expressions of Interest campaign through agents Lincoln Blackledge and Spero Xenos.
“Stonebridge is pleased to present for sale, on behalf of Telstra, 4 Olphert Avenue, Vaucluse – a rare and outstanding luxury residential development opportunity located within a tightly-held Eastern Suburbs pocket,” the marketing for the Vaucluse property reads.
Key highlights of the opportunity at Vaucluse include:
– Rare freehold development site within a highly sought-after pocket of one of Sydney’s most affluent suburbs
– Existing improvements comprise a 13.5m double-storey brick building with impressive floor-to-ceiling heights and expansive floorplates
– Concept scheme for two luxury dwellings (STCA) – capitalise on the unrepeatable scale of existing built form that is greater than current building height and FSR controls
– Elevated corner position with a prominent double frontage provides water views from both bottom and top floors
– Proposed short-term holding income secured to Telstra via a landlord-favourable triple net lease structure (tenant pays outgoings)
According to PropTrack, the median house price in Vaucluse is $9.4m. That’s up 7.4 per cent over the past 12 months. In Hunters Hill, the median house price is $3.835, that’s down 6.8 per cent over the past 12 months.