An amalgamated “super site” of 26 residential homes is set to hit the market in Sydney’s Baulkham Hills area with expectations to sell for more than $60 million.
The 19,800sq m site, described as Hillsview Central, is the first of its kind for the suburb and combines the 26 adjoining freehold residential properties on Windsor Road, Kinley Place, and Dobson Crescent.
The appeal of freehold and strata amalgamations has been on the steady increase as neighbours team up to capitalise on larger sites attracting potential greater returns. Particularly if situated in close proximity to main thoroughfares, railway or infrastructure projects.
Last year 55 homeowners in Sydney’s Macquarie Park banded together to sell four apartment blocks to a private developer for $80 million.
Colliers International’s Henry Burke, Tom Appleby and Jordan McConnell, are managing the expressions of interest campaign for the almost two hectare site.
The Colliers team said Sydney’s north is no exception to the rise in popularity of amalgamated sites due to owners looking to capitalise on the growth of the north-western corridor.
“The collective group aligned themselves with a legal agreement early on in the process to ensure security throughout the sale,” Appleby said.
“There are multiple merits associated with a collective sale; the process often allows owners to unlock at least double the existing value of their asset.”
McConnell says the site will benefit from the delivery of the Sydney Metro Northwest project, with eight new railway stations set to open in Sydney’s North West next year.
Other projects in the area include developer Dyldam's approval to develop three residential buildings at 8 to 15-storeys in height.
The international expressions of interest campaign for the Hillsview Central site closes September 27.
