More than 70 owners are planning to band together to sell what will be the largest one-line residential development site in Sydney’s Macquarie Park, worth about $150 million.
Half of the large group of private owners have already agreed to amalgamate and sell 66 apartments across two large blocks and 18 townhouses, to capitalise on the development frenzy in the business park, a result of the NSW government’s urban renewal program. They plan on getting the other half across the line.
The proximity of the business park to the CBD – 12 kilometres north – has motivated increased density zonings for the area in order to yield more homes, shops, restaurants and public spaces.
The site at 116-118 Herring Road, a 1.2-hectare site on a convenient single strata, is sandwiched between two of the most significant apartment projects in the area, Stamford Land’s over 500-apartment project and Toga Group’s Macquarie Central, which has over 600 apartments.
With a 3.5:1 floor space ratio, the site can yield up to 75-metre towers and a whopping 42,000sq m in mixed use gross floor area including apartments.
The owners are, however, hoping to raise the floor space with the council to secure better value.
One of the owners in the building said the motivation to sell was high because “the complex was ageing fast and expensive to maintain while the market was hot”.
If the sale goes through, it would trump other recent one-line sales nearby including the $50 million sale of 1-3 Cottonwood Crescent and 2-4 Lachlan Avenue. At the start of the year, a student accommodation provider bought 75 per cent of 45 apartments the site opposite Macquarie Centre with plans to buy the rest through the NSW’s new strata renewal rules, which allow 75 per cent of a strata to sell.
Melbourne-based developer VIMG snapped up 40 strata units in a residential complex at 159-161 Epping Road for $75 million.
Last week, a 5450sq m block at 2-10 and 14 Cottonwood Crescent also sold.
The current residential boom and growth in Sydney, aided by the NSW new strata laws, has produced other spectacular one-line sales and listings including the 90-home amalgamation in in Fishburn Crescent, Cadman Crescent, Chapman Avenue and Dawes Avenue in Castle Hill in Sydney’s northwest and a 62-home Frenchs Forest site, which has come together to take advantage of a proposed new hospital precinct in the area.