The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
LESS THAN 2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 2 WEEKS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
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
ADVERTISEMENT
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
ADVERTISEMENT
TOP STORIES
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
View All >
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
Cromwell 19 National Circuit Barton ACT rendering HERO
Office

Cromwell Lands Lease for Canberra Office Block Scheme

Leon Della Bosca
Landcom The Joinery Annandale a build to rent development on the former westconnex site
Build-to-Rent

Landcom Takes Cover Off BtR Plans at Annandale

Renee McKeown
The NSW Government-owned corporation s preparing its first build-to-rent development in a metropolitan area with 220 apa…
LATEST
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
Cromwell 19 National Circuit Barton ACT rendering HERO
Office

Cromwell Lands Lease for Canberra Office Block Scheme

Leon Della Bosca
3 Min
Landcom The Joinery Annandale a build to rent development on the former westconnex site
Build-to-Rent

Landcom Takes Cover Off BtR Plans at Annandale

Renee McKeown
3 Min
A hydrogen production facility, part of the Hydrogen Energy Supply Chain (HESC) project to ship hydrogen from Victoria to Japan.
Exclusive

Minister Intervenes, Approves Hastings Hydrogen Facility

Marisa Wikramanayake
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/cottonwood-crescent-combine-sale-of-the-century