One of Sydney’s largest remaining undeveloped waterfront blocks is being sold after 100 years of family ownership.
The 2.5-hectare site in Lugarno – 23 kilometres south of the CBD on the Georges River – currently has just a single family home, with a boat shed and several outbuildings.
The R2 Low Density Residential-zoned site, at 80 Boronia Parade, was likely one of the last remaining undeveloped waterfront blocks in metropolitan Sydney and certainly the last of this size, said the selling agent Joshua Charles, managing director of One Commercial.
“It’s been held in the same family for 100 years. Two brothers owned it and just held onto it for such a long time because of the sentimental value to the family. They were living on the site over the years and I guess, as happens, eventually passed away and the family are now ready to enter the next chapter,” he said.
The estate, from which the land parcel was carved out, was purchased from the City Bank of Sydney between the years of 1908 and 1915 after the bank foreclosed on the prior owner in the depression of the 1890s. The estate was subdivided in 1920 and the cottage currently on the site was built.
The property has had a variety of uses under the family’s ownership, including as an oyster farm.
“The two brothers who owned the property started living there when they were eight years old,” Mr Charles said.
“They became well-known builders in the local area. They then moved on to oyster farming in the Georges River [and], after the oyster farming, they did use the property as a market garden, growing fruit and vegetables which they sold to the local community.”
Mr Charles has been fielding inquiries from developers attracted by the site’s unique nature, coupled with the suburb’s popularity among home buyers.
“We’ve been fielding inquiries based around a lot of potential uses – one of the most obvious would be a residential land subdivision and the second would be house-and-land packages, which have proven extremely popular in Lugarno in the past,” he said.
“The other group that is showing a bit of interest is retirement living providers who are looking to create a community. With the ageing demographic of Lugarno and surrounding suburbs like Peakhurst and Oatley that could also prove successful,” Mr Charles said, adding that all such developments would be subject to council approval.
Several schools and churches had also shown interest in “using the site as a retreat or similar,” said Mr Charles, who declined to give a price guide, citing the difficulty in finding comparable sales.
“The owners are like anyone, they’re looking to maximise value but they are also sensitive to the family history and the longevity of their association with the property,” he said.
‘Last secret suburb’?
Lugarno was one of Sydney’s “last secret suburbs”, with a plethora of waterfront blocks and high real estate values relative to the surrounding area, the agent said.
The latest Domain Group figures pegs Lugarno’s median house price at $1,127,550.
The property is opposite Oatley Park, with the M5 motorway less than 10 minutes’ drive away. Mortdale and Riverwood train stations are also close by.
Mr Charles said while the property had many memories for the family, there appeared to be no heritage restrictions on what could be developed, “although any buyer will need to satisfy themselves” by checking with the relevant authorities.
80 Boronia Parade Lugarno is for sale by expressions of interest closing Thursday, March 12, 2020.
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