65 owners join forces for largest ever NSW sale
A block of 65 apartment owners have banded together in a bid to sell their Sydney buildings for more than $85 million.
Tipped to be the largest residential group sale in New South Wales’ history, the residents of 7-11 Lachlan Ave and 157-159 Herring Rd, Macquarie Park in Sydney’s north west, have agreed to the joint sale of five detached residential flat buildings.
The move could nab owners an estimated average of more than $1.3 million per unit and create an impressive 5072sqm parcel of land for new development.
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The unique opportunity comes after the area was rezoned for mixed-use in 2014 – as part of the Macquarie University Station precinct revitalisation.
This includes a new 45m height restriction, paving the way for up to 240 apartments with a total floor area of 20,288sqm, pending council approval.
The site comprises of five four-storey residential buildings on separate strata titles and boasts three street frontages ranging between 58m and 79m along Herring Rd, Windsor Dr and Lachlan Ave.
Savills Australia Residential Site Sales Director, Neil Cooke, says the site offers a unique opportunity and is receiving strong interest from developers locally and overseas.
“Very rarely do developers and investors have the opportunity to acquire 100 per cent of unit entitlements,’’ he says.
“This site ticks every box for prospective developers and student accommodation providers, given the close proximity to one of Australia’s leading Universities and everything Macquarie Park has to offer.”
Selling agent Stuart Cox says the zoning and complete unit entitlement make the site a “risk free acquisition”.
Nearby, Savills Australia sold an amalgamated site at 12-14 Lachlan Ave and 13 Cottonwood Cres in Macquarie Park for $54 million last year.
Another site at 15-21 Cottonwood Cres fetched more than $85 million.
Property in the area is highly sought after due to the university, shopping centre and railway nearby.
There is also direct access to major roadways leading to several CBDs including Sydney. Chatswood and Parramatta.
Expressions of interest will close on May 8 at 4pm.