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Neutral Bay Strata Owners amalgamate to double their profits

Property Markets / Transactions

Australia / Sydney

Jun 22 2018

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Colliers International will sell a $20+m luxury Neutral Bay development site on behalf of the property's Strata Owners Group. The eight savvy owners have banded together to capitalise on the scarcity of available development land on Sydney's Lower North Shore and "land rich" buildings to convert underutilised land into big profits.

The amalgamated site at 85 Kurraba Road will be sold with 100%-unit entitlement in one line. The property offers approx. 1,454 sqm with an R4 High-Density Residential zoning and 12-metre height limit – perfect for those looking to construct a luxury boutique development. Its elevated position has City and Harbour views and is only a short stroll to Kurraba Point Ferry Wharf.

Guillaume Volz, Henry Burke and Joseph George of Colliers International are marketing the site through an Expressions of Interest campaign, closing July 18.
Colliers International’s Residential Sites Sales team has recently seen a shift towards owner groups consolidating their assets and selling in-one-line to residential developers to capitalise further within a growing market. Doing so regularly achieves double the value of a single unit.

“We’ve seen a growing trend for properties with underutilised land surrounding established unit blocks on the North Shore,” says Joseph George, Residential Site Sales Executive at Colliers International. “We decided to approach the Owner Group to sell these sites in one line for maximum result.”

“Just 300 metres from Kurraba Point Wharf, this premium, blue-ribbon site is perfectly positioned in one of Sydney’s most sought after residential locations,” says Guillaume Volz, National Director, Residential Site Sales at Colliers International. “It’s tailored for an owner-occupier focused development.”

“There aren’t many sites of this size and nature offered for sale in Neutral Bay,” Mr George adds. "Any developer with an eye to delivering high quality living in a world-class location shouldn't miss this opportunity."

“The Lower North Shore residential market has been in high demand from local purchasers looking to downsize into luxury apartments,” says Blake Schulze, Residential Project Director, Colliers International. “We anticipate this market will continue to be sought after, with strong apartment prices
achieved due to the limited number of new projects coming to market.”



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