News Corp Australia Network
An entire block of 12 apartments, owned by a famous north shore family for more than 50 years, has come to market for the first time.
No. 5 Morton St, Wollstonecraft was developed by high-profile political figure Sir John Cramer in the early 1960s.
Sir John was elected Lord Mayor of North Sydney in 1939, and a decade later joined the House of Representatives as the member for Bennelong.
In 1956, then Australian Prime Minister Sir Robert Menzies appointed Sir John Minister for the Army.
He and his wife Dame Mary Cramer were prominent social figures. The latter was awarded the title of Dame in recognition of her many years dedicated to charity and community work.
The Cramer family has held on to the 1457sqm Morton St property since it was built, but have now listed it with Guillaume Volz and Henry Burke, of Colliers.
They are selling the prime property by an international expressions of interest campaign, closing on October 7 at 4pm. They have not released a price guide for the unique property.
However industry sources predict it will likely sell for more than $15m. Mr Volz, national director of Colliers National Developments, says it is a rare opportunity.
“An opportunity to access a site like this in Wollstonecraft has not come onto the market for many years,” he says.
“This property offers a secure investment with income, as well as an exceptional development opportunity. This is a highly valued and desirable location, within an environment that has limited future supply.”
Whether a secure investment and income stream, or boutique development opportunity, the agents expect pate significant interest.
Mr Volz said the Colliers’ development sites team has transacted over $385m in development sites across the north shore in the past 12 months alone, demonstrating the high demand from developers for access to boutique, well-located sites.