Twelve Rose Bay neighbours combine their properties to sell for colossal $165 million
Twelve Sydney home owners have banded together to sell their properties in a colossal cluster worth at least $165 million.
The 0.6-hectare parcel in Rose Bay has the potential to hold 140 apartments and could provide rental homes for essential workers if the developer who buys it opts into a state government sweetener.
The houses at 32 to 38 Wilberforce Avenue and 41 to 55 Dover Road fall under a NSW government planning revision which aims to boost housing in inner-city areas.
The price expectation is more than $165 million, and the eventual apartments could sell for about $3.5 million to $15 million, according to the listing agencies.
The vendors, who have engaged Colliers and 1st City for the sale, are seeking to capitalise on changes to suburban planning controls that have opened up development prospects in 124 local council areas across the state.
The mega block – one of the largest ever for sale in the harbourside postcode – has three street frontages, and a developer can construct low to medium-rise apartments under the guidelines, which started in February.
Apartments with a height limit of 22 metres, or six storeys, would likely be greenlit on the parcel, which is 120 metres from the local shopping village.
However, if the buyer agrees to also provide affordable housing within the development, that has the potential to increase.
Private developers who allocate a minimum of 10 per cent of a project to affordable rentals can apply for extra height and floor space.
Colliers national director Guillaume Volz is handling the campaign alongside 1st City’s Brad Caldwell Eyles and Julian Hasemer, with expressions of interest closing on June 26.
“Wilberforce and Dover is probably the largest consolidated development opportunity to have been publicly offered within Sydney’s eastern suburbs for many years,” Volz said in a statement.
“It will see an elevated calibre of developer interest, which will only serve to be increasingly attractive to the ultimate apartment buyers.”
Caldwell Eyles said he expected a developer would deliver a mixture of two, three and four-bedroom floor plans and penthouses.
Rose Bay’s median unit price is $1.835 million, according to the latest Domain House Price Report. The median unit rental price is $900.
Caldwell Eyles said the state government’s affordability criteria for new developments would unlock more housing for Sydneysiders in key jobs.
“The notion of affordable housing has evolved, and the community has a clearer understanding of the tenant profile enjoying its benefits that will include teachers, nurses and essential service workers,” he said in a statement.
Volz said the planning modification had appealed to groups of four to six residents across Sydney, who were amalgamating their neighbouring properties into single parcels.
