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22-08-2014, 11:43 PM
Money makes the world go round and that is happening in a predominantly human rights first country like Australia...
Residents band together to cut ‘exceptional’ deals
THE AUSTRALIAN AUGUST 23, 2014 12:00AM
Lisa Allen
Property & Tourism Reporter
Sydney
QLD_CM_REALESTATE_HOME_NORTHSHORE_23AUG14
Demand for apartments is good news for some homeowners. Source: News Corp Australia
POCKETING $3 million from the sale of an old brick bungalow at Lane Cove on Sydney’s lower north shore should put a smile on the face of any resident, given the price is more than double the suburb’s median $1.44m value.
Seventeen residents in two Lane Cove streets banded together to sell their houses to a developer for a combined price of at least $60m having been paid about $4000 a square metre for their property — regardless of whether their house was a dilapidated wreck or a contemporary triple-storey mansion.
From Epping to Earlwood, site amalgamations are starting to happen all over Sydney.
In Melbourne, three house owners in the suburb of Bentleigh recently snared a multi-million dollar windfall with the sale of their properties in Bent Street for a combined $5.76m — at least $2m more than they could have expected had they sold the properties separately. Savills Australia, which negotiated the deal, billed it an “exceptional” result.
However, it can take a while to negotiate these deals, particularly when parties pull out at the last minute, or plans for large apartment towers are rejected by the local council.
After two years of intense negotiations the amalgamated site in Sydney’s Lane Cove finally sold a couple of weeks ago, although the buyer’s identity is still under wraps.
Despite the financial windfall, one retiree in Lane Cove, who has lived at his house for nearly five decades, says he is unhappy with the arrangement.
Nevertheless, he has agreed to sell.
“I have to go with the flow, I didn’t want to be isolated,” says the house owner.
“But all my friends have gone. You can’t stay with high-rise apartment blocks all around you.”
The two Lane Cove streets, 2-22 Birdwood Avenue and 11-15 Finlayson Street, comprise about 10,400sqm and form an irregular T-shaped development site.
The amalgamated site has development approval for four buildings of up to seven levels, as well as significant underground car parking. It has been marketed as part of the Lane Cove Village.
Selling agents say demand for apartments within the village area comes from all buyer profiles, including first-home buyers, young professionals, local and offshore investors, upgraders and downsizers.
The site was sold by CBRE agents Matthew Ramsay and Ben Wicks several weeks ago. The agents declined to comment.
In nearby Epping, eight residents reportedly banded together, selling their houses for more than $30m — even though their houses were worth about $1.23m each.
Residents band together to cut ‘exceptional’ deals
THE AUSTRALIAN AUGUST 23, 2014 12:00AM
Lisa Allen
Property & Tourism Reporter
Sydney
QLD_CM_REALESTATE_HOME_NORTHSHORE_23AUG14
Demand for apartments is good news for some homeowners. Source: News Corp Australia
POCKETING $3 million from the sale of an old brick bungalow at Lane Cove on Sydney’s lower north shore should put a smile on the face of any resident, given the price is more than double the suburb’s median $1.44m value.
Seventeen residents in two Lane Cove streets banded together to sell their houses to a developer for a combined price of at least $60m having been paid about $4000 a square metre for their property — regardless of whether their house was a dilapidated wreck or a contemporary triple-storey mansion.
From Epping to Earlwood, site amalgamations are starting to happen all over Sydney.
In Melbourne, three house owners in the suburb of Bentleigh recently snared a multi-million dollar windfall with the sale of their properties in Bent Street for a combined $5.76m — at least $2m more than they could have expected had they sold the properties separately. Savills Australia, which negotiated the deal, billed it an “exceptional” result.
However, it can take a while to negotiate these deals, particularly when parties pull out at the last minute, or plans for large apartment towers are rejected by the local council.
After two years of intense negotiations the amalgamated site in Sydney’s Lane Cove finally sold a couple of weeks ago, although the buyer’s identity is still under wraps.
Despite the financial windfall, one retiree in Lane Cove, who has lived at his house for nearly five decades, says he is unhappy with the arrangement.
Nevertheless, he has agreed to sell.
“I have to go with the flow, I didn’t want to be isolated,” says the house owner.
“But all my friends have gone. You can’t stay with high-rise apartment blocks all around you.”
The two Lane Cove streets, 2-22 Birdwood Avenue and 11-15 Finlayson Street, comprise about 10,400sqm and form an irregular T-shaped development site.
The amalgamated site has development approval for four buildings of up to seven levels, as well as significant underground car parking. It has been marketed as part of the Lane Cove Village.
Selling agents say demand for apartments within the village area comes from all buyer profiles, including first-home buyers, young professionals, local and offshore investors, upgraders and downsizers.
The site was sold by CBRE agents Matthew Ramsay and Ben Wicks several weeks ago. The agents declined to comment.
In nearby Epping, eight residents reportedly banded together, selling their houses for more than $30m — even though their houses were worth about $1.23m each.