Pittwater Life April 2024 Issue

News
Wesley Narrab
deal is expected within an Expressions of Interest
A weeks for the sale of campaign. Wesley Mission
Wesley Taylor Village over announced last April that
9200sqm of prime beachside Narrabeen was one of three
land at Narrabeen, which residential aged centres it
preferred buyer Retirement by was selling, getting out of the
Moran plans to redevelop into sector.
a premium retirement living Managing Director of Retirement
by Moran Sally Taylor
complex.
The site takes up almost the expects the transaction to
entire block between Ocean, settle over the next few weeks.
Octavia, Lagoon and Loftus There are 19 residents on site,
Streets and is believed to be according to Wesley, and their
the largest land sale on the contracts will be included in
Narrabeen Peninsula since the the sale.
Warringah Ice Skating Rink “Our full intention is that
was turned into apartments should we be successful we’ll
during the late 1990s.
be redeveloping that site into
Neither party would comment
on potential sale price. village – that’s always been the
a seniors’ living retirement
Local real estate agents believe basis on which we engaged,”
the land would be worth at says Taylor.
least $65 million if it was a She says inspiration for
residential transaction, but a Narrabeen will come from its
zoning caveat ensures the site latest development, Sage by
can only be used for seniors Moran at Cronulla, where the
living, reducing its value. penthouse sold for $4.75 million
and prices for the two and
Negotiations started
six months ago between three-bedroom units started
owner Wesley Mission and at $1.85 million.
Retirement by Moran after Taylor says Narrabeen will
12 APRIL 2024
The Local Voice Since 1991