The Sydney unit owners who are doubling their money right now
Matt Bell
02 July 2018

EIGHT eight strata owners in Neutral Bay have been approached by real estate agents and are now hopeful of selling their units for twice its market value.

Colliers International expects to sell 85 Kurraba Rd, Neutral Bay, for more than $20 million to developers thanks to its large landsize, R4 high-density and 12m height limit.

The agency’s residential site sales executive, Mr Joseph George, said the block just 300m from Kurraba Point Wharf, is perfect for those looking to build a luxury boutique development.

The agency added that 1454sqm site was a significant parcel of land with uninterrupted views of the some of the city’s best known landmarks including the Sydney Harbour Bridge and the Sydney skyline. Currently the complex has eight older-style units and all owners have amalgamated and are selling together.

A shortage of land and the high demand for luxury apartments in the area has prompted several unit owners to band together and sell to developers.

The white-roofed block has a lot of land.
The white-roofed block has a lot of land.Source:Supplied

An iconic view from the site.
An iconic view from the site.Source:Supplied

The Colliers International’s residential sites sales team has reported a growing shift for owner groups to consolidate and sell in one line to get a better price.

“Doing so regularly achieves double the value of a single unit,” said Mr George.

“We’ve seen a growing trend for properties with under-utilised land surrounding established unit blocks on the North Shore,” he added.

“There aren’t many sites of this size and nature offered for sale in Neutral Bay,” Mr George added.

A prominent site expected to sell for more than $20 million.  Source: Supplied

Colliers International residential project director, Blake Schulze, said he expects the luxury apartment market will continue to be strong.

“The lower north shore residential market has been in high demand from local purchasers looking to downsize into luxury apartments,” he said.

“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,” he said.

Expressions of interest for the Neutral Bay site close at 4pm on July 18.

top  contents  chapter  previous   next