The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
A one-day deep dive on office, retail, healthcare, childcare and alternative sectors
UPCOMING | COMMERCIAL REAL ESTATE SUMMIT
LEARN MOREDETAILS
On Demand

Fireside Chat | Inside GemLife With Adrian Puljich

Building Australia's Newest Airport: Multiplex

The Makers Of The Mondrian | Design, Vision And Delivery Behind One Of Australia’s Most Anticipated Luxury Hotels

Next Gen Now | How Emerging Developers Are Redefining The Game

View All >
Latest News
Scape RMIT PBSA
Student Housing

Scape Eyes University Campus Accommodation Takeovers

Leon Della Bosca
5 Min
Plans for 3-7 River Terrace, tweed heads by turner for briscoe hotel group
Placemaking

Briscoe Greenlit for ‘Transformative’ Tweed Project

Renee McKeown
2 Min
Real Estate

How Rising Costs are Rewriting Portfolio Strategies

Partner Content
6 Min
Placemaking

Queensland Seeks Developer for South Brisbane Visy Site

Lindsay Saunders
3 Min
View All >
Events
Lunch

Women’s Leadership Lunch

Summit

Commercial Real Estate Summit

Summit

Urban Leader Awards

One-Day Course

Property Development Masterclass | Melbourne

View All >
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
SHARE
print
Print
RetailStaff WriterWed 09 Aug 17

Amalgamated Development Site Sells in Macquarie Park for a Record $80 million

15-21-Cottonwood-Crescent-CGI-View-from-Elouera-Reserve_620x380

Fifty-five homeowners in Sydney's Macquarie Park have sold four apartment blocks to a private developer for $80 million.

The transaction awarded the developer two sites on Cottonwood Crescent, Sydney, which were sold in two stages: the purchaser secured 15-19 Cottonwood Crescent and 21 Cottonwood Crescent, resulting in the strongest sales rate per square metre of gross floor area achieved to date for a collective sale.

The sites will be amalgamated into one 5,130 square metre site situated at 15-21 Cottonwood Crescent, with the potential for a new mixed use landmark tower of around 270 apartments plus ground floor commercial suites (STCA) extending up to 65 metres, or around 21 storeys, providing approximately 23,085 square metres of gross floor area.

Savills Australia Director of Residential Site Sales Stuart Cox and Neil Cooke conducted a five week international expressions of interest campaign that resulted in over 220 enquiries.

“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. Of the 13 EOI’s received, 12 were from offshore large scale Asian developers drawn to the area by the vast array of amenities on offer within this suburb, namely retail, education and excellent transport,” Cox said.

The site benefits from a northerly aspect overlooking Macquarie Centre as well as over Elouera Reserve to the north-western elevation. All future redevelopment in this area will be constructed to the south of the site.

Neil Cooke said 91 per cent of the neighbours agreed to combine their properties in a bid to further evolve the master planned community of Macquarie Park.

“The new Strata Law reform legislation, particularly in well located areas, gives owners whom join together in a collective sale offering of over 75 per cent, substantial uplift benefit at a time when their existing capital works programs are becoming cost prohibitive," he said.

Savills were unable to elaborate further on the exact sale price or terms associated with the sale.

ResidentialAustraliaConstructionReal EstateConstructionSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
TOP STORIES
Sud-slingers are back in action in 2025, with the Sydney market recovering after years of disruption.
Exclusive

Sydney Pub Market Rebounds After Post-Covid Lows

Patrick Lau
5 Min
Gelephu Mindfulness City: Bhutan how a city of the future is planned
Exclusive

Bhutan’s Mindfulness Masterplan Resetting How Cities Work

Renee McKeown
8 Min
Long Bay Correctional hero
Exclusive

Time to Rethink: Fresh Bid to Unlock Prison’s Prime Site for Homes

Clare Burnett
7 Min
Inside NSW Housing Divide-Mosman
Exclusive

‘The Machinery Underneath is Broken’: Inside NSW’s Housing Divide

Vanessa Croll
9 Min
Exclusive

Queensland Decade of Gigaprojects a Developer’s Goldmine

Phil Bartsch
5 Min
View All >
Article originally posted at: https://www.theurbandeveloper.com/articles/cottonwood-crescent-combine-sale-of-the-century