Sydney’s Macquarie Park has continued to prove lucrative for homeowners after another 55 owners sold their four apartment blocks in one line for $80 million.
The large combined 5130-square-metre site at 15-21 Cottonwood Crescent, opposite AMP Capital’s Macquarie Centre, went to a local developer with offshore backing. Macquarie Park, one of Sydney’s biggest business parks, is undergoing massive residential conversion and urban renewal.
While each owner in the deal would have received a different price, the average across the mostly two-bedroom apartments sold would have been about $1.4 million.
This beats the current market price for those units at just under $1 million each, realising a profit of just under 40 per cent on average for each owner. Some owners bought their units back in the 1980s for about $70,000 each.
Savills’ Stuart Cox and Neil Cooke who sold the site said it was a record price for amalgamated sites sold in the area, based on proposed gross floor area.
“Given the strong demand for the site, we undertook a second round of expressions,” Mr Cox said.
Over a five-week sale period, 13 offers of interests and 220 inquiries were made for the site which can yield a 270-apartment, 21-storey tower with ground-floor commercial suites. In total 23,085 square metres in gross floor area can be constructed.
The buyer bought the site in two stages, first securing 15-19 Cottonwood Crescent, and then 21 Cottonwood Crescent.
More than 90 per cent of the owners agreed to sell, thereby achieving the minimum 75 per cent majority required to sell a strata under the new NSW strata laws. ClarkeKann Lawyers’ Ian McKnight represented the owners.
The sale of 15-21 Cottonwood Crescent means most of Cottonwood Crescent and its neighbouring street Lachlan Avenue have been sold to developers for new apartments. These streets are the closest to both the train station and the shopping centre, Macquarie Centre.
Other properties including 1-3 Cottonwood Crescent and 2-4 Lachlan Avenue sold at the start of the year for $50 million. The 5450 square metre block at 2-10 and 14 Cottonwood Crescent also sold.
Separately, 40 nearby strata units at 159-161 Epping Road sold for $75 million and owners at 116-118 Herring Road are thinking of selling.