A tightly-held pocket of Nowra Hill - located adjacent to the main naval air station for the Royal Australian Navy aviation branch, HMAS Albatross - has sold for more than $13 million.
The industrial/office site spans 2.2 hectares, and includes a fully leased commercial office and warehousing facility to Air Affairs until November 2029.
There's also development potential on the neighbouring vacant parcel of land (subject to council approval).
The Yerriyong site, which sold for $13.25 million, is between Nowra CBD and bordering what has been long mooted to become the new Nowra Bypass.
Co-selling agent, Ben Churven from Knight Frank Illawarra said it was sold to a Wollongong-based private investor, after more than 100 inquiries on the property.
"It was quite competitive in the end," Mr Churven said. "It was always going to appeal to a niche investor, but those that did see value in it and did the research were quite competitive."
The site, which is fully leased by a defence contractor, was sold by its local investment manager owner.
It has direct access to the HMAS Albatross tarmac from the premises and features the developable land.
The site, which had been owned by Shoalhaven City Council, previously sold for $440,000 in June 2000.
Mr Churven said he wasn't certain of the new owner's plans for the site, but there was development upside for it.
The office, warehouse and car park takes up about 10,000 square metres of the site. There's another hectare to the north that also adjoins the airport that is currently partially cleared land.
"So there's essentially another 10,000 square metres that someone could develop," Mr Churven said.
"They could build some more hangars or warehouse space, storage, or another office - they would need approval to do it though."
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Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
