A savvy investor from Wagga Wagga has snapped up a premium residential development site directly overlooking Pymble Golf Course on Sydney’s prestigious Upper North Shore for $5.62 million.

Kahlefeldt Securities Pty Limited secured the impressive 1,518sq m of land at 20 Cowan Rd, St Ives, which boasts a prominent frontage to Cowan Road to the eastern elevation and is just 100m from St Ives Shopping Village and within walking distance from a number of parks and public amenities.

The site is zoned R3 Medium Density Residential under the provisions of the Ku-ring-gai Local Environmental Plan (Local Centres) 2012, benefitting from a Floor Space Ratio of 0.8:1 and a maximum building height of 11.5 metres which will allow for a prestigious residential development overlooking Pymble Golf Course (STCA).

Stuart Cox, Neil Cooke and Johnathon Broome of Savills Residential Site Sales negotiated the transaction and said the property exchanged in the first week of the campaign due to overwhelming enquiry received from a mix of investors, owner builders and premium residential developers.

“20 Cowan Road was the last site available directly on the golf course and offers excellent development potential which will allow for a variety of uses including, but not limited to residential development, over 55’s accommodation, seniors housing or aged care (STCA)” said Stuart Cox, Savills Director, Residential Site Sales.

The current site which offers 24 metres of uninterrupted views and frontage along the golf course accommodates a freestanding, single storey brick house with three bedrooms plus study.

According to Neil Cooke, Savills Director, Residential Site Sales, “There is excellent continuing demand for premium residential apartments in this location, as evidenced by the success of recent project campaigns released along Cowan Road.”

St Ives is one of the North Shore’s most prestigious and desirable suburbs to live, with ease of access to Pymble and Gordon Railway Station via Mona Vale Road, Sydney’s most prestigious private schools and the northern beaches.