Commercial: Site of old Young hospital ripe for residential development

A super site in the NSW country town of Young is set for auction and for those who aspire to a higher calling, it comes complete with a hospital, nurses’ quarters, convent and a chapel.

This 21,632-square metre block was previously home to the Mercy Care Hospital that was decommissioned in 2004 and it is now zoned R1, opening the site to potential residential development.

The CBD site is centrally located opposite the Young Public School, high school and TAFE, and is within walking distance of the train station and the retail centre including a major fresh food supermarket.

The old buildings occupy about half the site toward the northern end while the balance is vacant.

CBRE’s Xavier Rahme says the existing buildings might appeal to owner occupiers like church groups or health services, but complete development of the site was more likely.

“The site has DA approval for a seven-lot subdivision and the best return on investment is likely through a house and land package or villa style development,” he says.

“There’s no minimum lot size specified under the development control plan, meaning the site has the potential to be developed into numerous residential lots.”

Subject to council approval, these lots could be developed into three and four-bedroom villas, and then sold down individually.

“Market preference for lot sizes are 500 square metres and above,” Rahme says.

The CBRE agent says local demand and demographics support a need for more housing.

“The dominant segment comprises people aged 25-64. These groups account for some 45 per cent of the region’s population,” Rahme says.

“This suggests people with and without children would be among those interested in buying into any future residential estate.”

Rahme predicted broad appeal to young couples and singles, either renting or as first home buyers, and older downsizers.

“Aside from locals, this kind of estate could also draw buyers and investors from Sydney, Canberra and Melbourne,” he says.

Young draws on a population base of more than 60,000 and is 270 kilometres from Sydney and 130 kilometres from Canberra. Wagga Wagga, Bathurst, Orange and Wollongong are also within in easy driving distance.

The property is being offered for sale in Sydney at a public auction on Tuesday, September 19 at 10.30am.

In an earlier sale, CBRE sold the Young MITRE 10 on a half hectare site to a Sydney-based investor.

YOUNG

21 CAMPBELL STREET

PRICE GUIDE: Not disclosed

AGENT: Xavier Rahme, Nicholas Heaton, CBRE Sydney, 0415 711 606, 0408 025 097

AUCTION: Tuesday, September 19, 10.30am, 50 Margaret Street, Sydney

INSPECT: Contact agent