Welcome Guest [Log In] [Register]


Reply
55 Sydney homeowners become instant millionaires.; You only have to be in it to win it
Topic Started: 2 Aug 2017, 01:58 PM (498 Views)
Bardon
Default APF Avatar


Magic Pudding with extra cream.

Amalgamated development sites are in high demand

A private developer has paid in excess of $80 million for an amalgamated site, said to be one of the biggest deals so far in Macquarie Park, and more are tipped to be offered.

The deal is said to have made the 55 homeowners at 15-21 Cottonwood Crescent instant millionaires.

A change in the Strata Law reform legislation has been a trigger for home owners to join together in a collective sale offering when they get over 75 per cent of residents in agreeance.

Once completed, there are plans for the 5130-square-metre site to be developed into a mixed-use tower of about 21 storeys, comprising 270 apartments, plus ground floor commercial suites extending up to 65 square metres. The end total will be about 23,085 square metres of gross floor area.

The site was sold in two stages, with the purchaser first securing 15-19 Cottonwood Crescent and later 21 Cottonwood Crescent, resulting in the strongest sales rate per square metre of proposed GFA achieved to date for a collective sale.

Stuart Cox and Neil Cooke of Savills Australia conducted a five-week campaign that resulted in over 220 inquiries being received and over 50 requests for the due diligence material.

According to Stuart Cox, director of residential site sales at Savills Australia, this site was considered one of the most "premium" offered to the market within Macquarie Park given its elevated nature on the intersection of Waterloo Road and Cottonwood Crescent, its close proximity to Macquarie Centre, Macquarie University Railway Station and Macquarie University.

"Given the strong demand for the site, we undertook a second round EOI that resulted in a record sale price being achieved for the site," Mr Cox said.

BUSINESS AM NEWSLETTER
Get the latest news and updates emailed straight to your inbox.

According to Neil Cooke, director of residential site sales at Savills Australia, 91 per cent of the neighbours agreed to combine their properties in a bid to further evolve the masterplanned community of Macquarie Park. The head of Savills' cross border investment team, headed by Ben Azar, tapped into the overseas market.

The success of recent mega lots sales in the North has led to a significant land parcel being offered in the Sutherland Shire.

It is set to attract both aged care and residential developers, according to marketing agents Matrix Property Group and Colliers International.

The site, on 426-428 The Kingsway and 1-3 Hinkler Avenue in Caringbah, is an amalgamation of four individual residential lots with a combined total size of 2,300 square metres.

"The demand for state-of-the-art boutique aged care facilities in the Shire is escalating as the population ages and existing facilities antiquate over time. The older generation wants to remain in the area and maintain engagement with family and the local community," said Andrew Antonas, principal of Matrix Property Group.

Currently the site is proposed as a high density mixed-use residential/medical usage, although the rise of the ageing population in the area combined with the site's location also positions it as an opportunity for aged and health care developers.

Colliers International's associate director, residential development sites, Ryan Bennetts said, the Sutherland Shire is one of the most "underestimated districts for residential developments".

http://www.smh.com.au/business/property/amalgamated-development-sites-are-in-high-demand-20170801-gxmzuz.html
Edited by Bardon, 2 Aug 2017, 02:33 PM.
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
ZetaBoards - Free Forum Hosting
Enjoy forums? Start your own community for free.
Learn More · Sign-up for Free
« Previous Topic · Australian Property Forum · Next Topic »
Reply



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy