Telstra’s ‘unrepeatable’ trophy homes sell off

Telecommunications giant Telstra is selling off two lucrative properties in a super rare listing, that could net it tens of millions of dollars.

Telstra’s rare trophy homes sell off.

Telecommunications giant Telstra is selling off two lucrative properties in a super rare listing, that could net it tens of millions of dollars.

The communications provider has listed for sale two redundant exchanges in two blue-chip locations.

The first is at 1c John St, Hunters Hill – “a rare and flexible development site located within a coveted Lower North Shore suburb”.

The Hunters Hill exchange up for sale.

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“Flexible development potential within a highly sought-after pocket of one of Sydney’s most affluent suburbs,” the marketing for the property reads.

The other site is at 4 Olphert Avenue, Vaucluse, where the potential is on offer for jawdropping harbour views.

Both listings have been brought to market by Stonebridge Property Group – Sydney and are for sale individually or together via an Expressions of Interest campaign through agents Lincoln Blackledge and Spero Xenos.

A street view of the Hunters Hill property.

Inside the Hunters Hill exchange.

“Stonebridge is pleased to present for sale, on behalf of Telstra, 4 Olphert Avenue, Vaucluse – a rare and outstanding luxury residential development opportunity located within a tightly-held Eastern Suburbs pocket,” the marketing for the Vaucluse property reads.

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Key highlights of the opportunity at Vaucluse include:

– Rare freehold development site within a highly sought-after pocket of one of Sydney’s most affluent suburbs

Like the Hunters Hill exchange, the Vaucluse property sits in a blue chip location.

A street view of the Vaucluse exchange.

Telecommunications equipment inside the Vaucluse property.

– Existing improvements comprise a 13.5m double-storey brick building with impressive floor-to-ceiling heights and expansive floorplates

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– Concept scheme for two luxury dwellings (STCA) – capitalise on the unrepeatable scale of existing built form that is greater than current building height and FSR controls

– Elevated corner position with a prominent double frontage provides water views from both bottom and top floors

– Proposed short-term holding income secured to Telstra via a landlord-favourable triple net lease structure (tenant pays outgoings)

According to PropTrack, the median house price in Vaucluse is $9.4m. That’s up 7.4 per cent over the past 12 months. In Hunters Hill, the median house price is $3.835, that’s down 6.8 per cent over the past 12 months.

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Originally published as Telstra’s ‘unrepeatable’ trophy homes sell off