The growing scarcity of affordable development sites has forced developers to think outside the square to find good flat land in central locations.
The aggregation play, where developers approach a group of residents to sell collectively and create a single superblock, is not unusual. However, a new trend could see many more of these sites hitting the market in coming years.
Home owners in Frenchs Forest have become the most recent example of established home owners banding together to offer their properties in a single tranche, drastically increasing their value.
Domain reports the group of 62 neighbouring home owners are hoping to collectively sell their properties for about $200 million or more. The sale proceeds would be divided among the owners on a pro rata basis based on the size of their land.
The increased value is based on the sites combined size of 4.3 hectares and a recent re-zoning which will allow high rise projects . The site is just 200 metres from where the new Northern Beaches Hospital.
Homeowner David Tomlinson told Domain they organised a backyard meeting for neighbours after they received letterbox drops from developers interested in the area and realised the potential for selling properties collectively.
property, which is being marketed by LJ Hooker's Tim Smith and Troy McKinstry, includes dual street access.
The blocks are currently zoned R2 low density and have the potential to be developed as an over 55's / Seniors Living facility (subject to Council approval).