Kevin Ryan’s Waterbrook Retirement Living commits $173M to “super site”
The Rose Bay “super site” was marketed as the largest consolidated development opportunity to have been openly offered in Sydney’s Eastern Suburbs.
As the sector complains daily about a lack of supply, the pioneer of prestige retirement living has fended off development giants to land his next project.
The site of 12 homes in blue-ribbon Rose Bay, 7km east of the CBD, had aimed to sell the lots in one line for about $165 million, marketed by Colliers National Director Guillaume Volz and Brad Caldwell-Eyles and Julian Hasemer of 1st City.
Waterbrook, founded by Kevin Ryan in the 1990s, fended off Mirvac and other majors for the site. Kevin has developed premium villages in Sydney’s Greenwich and Yowie Bay, which he has since sold. His $300 million, 17-hectare Waterbrook Retirement Lifestyle Resort (formerly Our Lady of the Sacred Heart School) in Bowral in the NSW Southern Highlands opens this week.
The Rose Bay “super site” was marketed as the largest consolidated development opportunity to have been openly offered in Sydney’s Eastern Suburbs. Competition among developers was spurred by the NSW Government’s Low and Mid-Rise Housing Policy.
Under the new rules, residential zones within 800m of nominated town centres and transport hubs can accommodate apartment buildings of up to six storeys. If affordable housing requirements are met, project heights can rise to eight levels.
The site spans almost 6,000msq and has three street frontages, Dover Road, Wilberforce Ave and Spencer Lane. Under the planning rules, a development could yield more than 17,000sq m of gross floor area.
Contracts were exchanged on Wednesday night (26 November) on site.
