A prestige site in Neutral Bay has sold for more than $20 million after eight owners banded together to sell the building to a developer.
Local developer Avance Property has picked up the amalgamated site at 85 Kurraba Road.
The property offers 1,454sq m with high-density residential zoning giving Avance the ability to develop to a 12-metre height limit.
The property's elevated position located on the Kurraba Point ridge provides City and Harbour views and is located 300 metres from Kurraba Point Wharf.
Colliers International national director Guillaume Volz questioned talk of a weakening residential market, with the property receiving 12 offers over $20 million for the site.
“The sale demonstrates the flight to quality for boutique sites amongst astute buyers, driven by strong buyer demand for the end project as right-size buyers look to stay in the area and are happy to sell their family homes on the North Shore, in exchange for quality and larger apartments,” Volz said.
Related: Templestowe Owners Combine Land to Sell Development-Ready Site
North Sydney is currently undersupplied, with very limited new residential supply coming to the market.
“It’s tailored for an owner occupier focused development, and the Lower North Shore residential market has been in high demand from local purchasers,” Colliers International executive Joseph George said.
The sale follows a continuing trend around Sydney where opportunistic owner groups have consolidated to sell in-one-line to capitalise.
An amalgamated 19,800sq m site of 26 residential homes has recently hit the market in Baulkham Hills with prices expectations of more than $60 million.
Fifty-five separate homeowners in Sydney's Macquarie Park sold four apartment blocks to a private developer for $80 million late last year.
In Sydney’s Chatswood, a group of strata owners have banded together to sell their office block with price expectations of $60 million.
