Sydney owners team up to cash in on demand

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Nine property owners have cashed in on the demand for development sites in close proximity to Sydney Harbour.

According to a Fairfax report, the owners have packaged their nine houses together and sold them to an investor from Hong Kong for more than $60 million.

The investor paid $66.06 million for the combined 5695 square metre lot, netting each owner $7.34 million.

That amount is a massive windfall for the owners, with data from CoreLogic RP Data showing the suburbs current median house price is $2.35 million.

According to the Fairfax report, the lot is likely to be developed into two apartment blocks between 12-15 storeys high after Lane Cove Council recently rezoned the area for high-density residential development.

Sam Brewer, head of metropolitan sales and investments for real estate firm JLL, told Fairfax that there was a high level of interest in the sale and he believes similar sales will be more common in the future.

“The sale campaign yielded over 100 interested buyers split evenly between local and offshore. The buyer was an undisclosed Hong Kong-based developer and this is their first development site purchase in Australia,” Brewer said.

“With much of the ready-zoned land now sold, we see a large proportion of next year's pipeline being made of similar mum and dad house consolidations as St Leonards,” he said. 
 

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