The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
20 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 500 ALREADY ATTENDING
20 DAYS UNTIL OUR FLAGSHIP CONFERENCE 500+ ALREADY ATTENDING
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
5
print
Print
ResidentialTed TabetThu 06 Sep 18

Savvy Owners Make $20m Windfall with Developer Sale

20302940-1b1e-497b-9d69-49dc6ff7a15e

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

The last individual sale in the property was $1,000,000, with the sale price reflecting an average price of $3,000,000 per property.


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.

ResidentialAustraliado not useDeal
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
View All >
Villawood Club Redstone
Community

Villawood Breaks Ground on $18m Sunbury Redstone Club

Leon Della Bosca
Broadbeach 5Point DA OBR108 hero
Development

New Tower Plans Pitched for Broadbeach Strip

Phil Bartsch
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
Homecorp is finalising the purchase of its first South Australian site and its founder says there’s one factor at the fo…
LATEST
Villawood Club Redstone
Community

Villawood Breaks Ground on $18m Sunbury Redstone Club

Leon Della Bosca
4 Min
Broadbeach 5Point DA OBR108 hero
Development

New Tower Plans Pitched for Broadbeach Strip

Phil Bartsch
2 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Singapore-based Roxy Pacific has sold Melbourne House for $23 million to a Sydney-based investor, less than what it paid for the Little Bourke Street asset in 2018.
Hotel

Sydney Investor Pays $40m for Melbourne CBD Asset

Marisa Wikramanayake
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/savvy-owners-make-20m-windfall-with-developer-sale