The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
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
ResidentialThu 15 Feb 18

Templestowe Owners Combine Land to Sell Development-Ready Site

52894bc2-e4bc-4047-b278-7ff92adfbf4e

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.

ResidentialAustraliaMelbourneReal EstateSector
ADVERTISEMENT
TOP STORIES
a land lease community home in white at a gemlife development, a type of home which could be the answer to the housing crisis
Residential

‘We are the Solution’: Land Lease Shake-Up Stirs into Life

Renee McKeown
5 Min
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
View All >
a land lease community home in white at a gemlife development, a type of home which could be the answer to the housing crisis
Residential

‘We are the Solution’: Land Lease Shake-Up Stirs into Life

Renee McKeown
Industrial

Centennial’s Paul Ford: From Vision to Industrial Vanguard

David Di Marco
Planning

Bipartisan NSW Planning Reform a Welcome Surprise

Patrick Lau
The legislation, unexpectedly introduced with opposition support, has been greeted by the industry with surprise and del…
LATEST
a land lease community home in white at a gemlife development, a type of home which could be the answer to the housing crisis
Residential

‘We are the Solution’: Land Lease Shake-Up Stirs into Life

Renee McKeown
5 Min
Industrial

Centennial’s Paul Ford: From Vision to Industrial Vanguard

David Di Marco
3 Min
Planning

Bipartisan NSW Planning Reform a Welcome Surprise

Patrick Lau
5 Min
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/templestowe-owners-combine-land-to-sell-development-ready-site