Seven a lucky number for northern beaches neighbours
Seven neighbours in Manly Vale have banded together to sell their combined 2785sqm of R2 zoned land to developers wishing to capitalise on the area’s growth.
Jacquelynn Watson from Ray White Balgowlah says she is confident a developer will be looking to snap up the opportunity, and that timing is perfect with recently approved development of the area including a B-line express bus terminal and carpark 350m away, along with a $24 million upgrade of Manly Vale Public School.
R2 zoning permits dual occupancies and multi dwelling houses as well as senior’s housing and some commercial use with consent.
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Watson says she thinks the $13-$16 million price guide for 38-50 Kenneth Rd is good value and it might not be long before the blocks are zoned R3, while the right R3 submission might even get through now.
“The vendors are flexible and willing to take an option on the land while the developer applies to council,” she says.
“There are units to the left and right of these properties and the area is growing rapidly.”
She describes the recent sale of a 390sqm block at nearby 23 Laurie Rd for $1.875 million as relevant to the price guide.
“Whatever you build there will go like hot cakes. You will sell them off the plan, it is a no brainer,” she says.
“You don’t see this size blocks of land for sale around here any more.
“It is a very rare opportunity.”
The owners of the homes tried a similar sale last May, but were unsuccessful.
At that time, 17 owners had banded together, including 30-50 and 54-56 Kenneth Rd, and 43-47 Burchmore Rd.
This time, it is just the owners for 38-50 Kenneth Rd, including John and Moira Bennett.
The Bennetts paid $13,800 for their Kenneth Rd home on 401sqm of land in 1968, and they are hopeful it could now be worth more than $2 million.
“We had to borrow $9000 to buy it,” said Ms Bennett.
Most of the owners have held their homes for decades and been neighbours for years.
– with Kathryn Welling