Apartment owners selling site in Sydney’s Macquarie Park
Australian Financial review

by Su-Lin Tan
07 June 2017

Macquarie Park, in north-west Sydney, continues to evolve from a business park into a residential suburb after another 41 apartment owners banded together to sell three unit blocks at Cottonwood Crescent in one line with price expectations of $65 million.

The three blocks with 15 two-bedroom apartments in each block at 15-19 Cottonwood Crescent make up a 3,852 square metre site that can yield 200 apartments and three commercial suites in a 21-storey tower totalling 17,334 square metres.

The site has frontages to Cottonwood Crescent and Elouera Reserve and the majority of upper level apartments will have Sydney CBD views.

With 91 per cent of the owners in agreement, all three sites can be sold under the new NSW strata 75 per cent renewal rule, which allows the majority 75 per cent of owners to compel a minority to sell an entire strata, the intention of which is to benefit broader community housing needs.

The three sites are being sold under the new NSW strata 75 per cent renewal rule.  Supplied

Close to amenities
This is not the first time an amalgamated site at Cottonwood Crescent has gone on the market.

Earlier this year, the site at a student accommodation purchased just over 75 per cent of the 45 apartments at the two unit blocks at 1-3 Cottonwood Crescent and 2-4 Lachlan Avenue, opposite Macquarie Centre and Macquarie University train station. It was the first known renewal sale to conclude under the new strata laws.

Another 4,246 sqm site encompassing five strata blocks at 2-10 Cottonwood Crescent is also on the market.

The attraction of Cottonwood Crescent is its proximity – about 200 to 300 metres – to all three train stations, Macquarie Centre and Macquarie University.

But all sites close to the three amenities have sold well. Developer Romeciti is launching apartments at its Waterloo Road site nearby and JQZ, Golden Age, Stamford Land, Toga and VIMG are either developing or have launched apartments in the vicinity in the past two years.

Macquarie Park, 13 kilometres north-west of the Sydney Central Business District, is one of NSW's largest urban renewal projects.

ClarkeKann Lawyers' Ian McKnight acted for the apartment owners. Savills' Neil Cooke and Stuart Cox are handling the expressions of interest sale.

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