The appeal of amalgamated “super sites” is showing no signs of slowing, with a group of strata owners in Sydney’s Chatswood selling their office block with expectations around the $60 million mark.
The 1393sq m block, located at 701 Pacific Highway, will be sold in one line by 13 owners. The Chatswood site is the first development site to be publicly marketed since new zoning controls were introduced by Willoughby council in December 2016.
"Chatswood is a sought-after location which already has many foreign owners and for this reason we expect strong interest from a range of local and offshore developers." Colliers International's Zhenni Lu said.
Another amalgamated site, offering rare development opportunity, in Sydney’s Westmead has hit the block.
Related reading: Templestowe Owners Combine Land to Sell Development-Ready Site
Located at 93 Bridge Road, the site occupies 8,664sq m of land in a gateway position close to the Westmead health district to the North and situated on the western fringe of the Parramatta CBD.
The site currently holds 31 single storey villas but is considered “underdeveloped” by the standards of the Parramatta Local Environmental Plan 2011. The site is 85 per cent of the total land area, comprising 27 of the total 31 properties.
Under new NSW strata laws, it only takes 75 per cent of owners to vote to sell the strata block to developers.
“Westmead’s location surrounded by hospitals, schools, transport links and the Parramatta CBD places the suburb as one of Sydney’s most serviced precincts,” Savills Australia Residential Site Sales director Stuart Cox said.
“Very limited supply means offerings such as 93 Bridge Road are sure to be keenly pursued by a number of local and offshore groups.”
Amalgamated super sites have been a popular investment avenue this year, as larger sites open up to bigger developments while more money is ultimately offered up to those willing to sell the land.
In Melbourne’s St Kilda Road precinct 20 apartment owners joined together to sell their properties in one-line this month, while 18 owners formed their properties to hit the market as a single 5,020 square metre site.