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Templestowe Owners Combine Land to Sell Development-Ready Site

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A collective sales effort in Templestowe is the latest example of how a group of owners can sell their properties in one line, creating a single super-site for the developer market.

Eighteen owners combined their properties in the east-Melbourne suburb to create a 5,020sq m site.

CBRE’s David Minty said his sales team were expecting strong interest from both passive and value-add investors, and developers looking to capitalise on the premium location.

He said the low interest rate environment and favourable residential market conditions prompted the owner’s corporation to consider selling.

“REIV named Templestowe as one of Melbourne’s ‘top growth suburbs’ in terms of house price growth, so developers should have confidence in delivering an attractive townhouse or apartment development.”

Related reading: Urban Renewal in Australia, What’s Next?

In January, a group of 20 apartment owners decided to unlock the value of the land in South Melbourne, with hopes of receiving $25 million for their combined 1,483 square metre apartment complex site at 77 Coventry Street.

Minty said an offering like this “does not come up often”, but collective property sales have not been a unique concept in areas where prices a demographics tend to drive value and demand.

In 2017 four apartment blocks in Sydney's Macquarie Park were sold to a private developer for $80 million after fifty-five homeowners banded together to amalgamate their properties into a 5,130 square metre site that had the potential for a new mixed use landmark tower.

More recently, a group of 20 apartment owners decided to unlock the value of the land in South Melbourne, taking advantage of strata reform, with hopes of receiving $25 million for their combined 1,483 square metre apartment complex site at 77 Coventry Street.

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Article originally posted at: https://theurbandeveloper.com/articles/templestowe-owners-combine-land-to-sell-development-ready-site