23 neighbours join forces for $90m super sale
Sometimes it can be hard enough to get two neighbours to see eye to eye, let alone 23 of them.
But that’s how many neighbouring Sydney homeowners have joined forces to create one “super lot” that could reap them a $90 million windfall.
The houses at 1-5 and 9-19 Brussels St, 126-134 George St and 2-4 and 8-20 Mena St, North Strathfield, have been parcelled up to create an enormous 13,760sqm block of land.
The block is being targeted at developers, though it is currently zoned for low-density residential, so any large-scale development will require rezoning, upon which the sale is dependant.
What will make it a really compelling offering for developers is the scope of the site
JLL’s Dylan McEvoy, who is marketing the property with Michael Binskin and Sam Brewer, says an idea formulated between two neighbours quickly grew to include 21 others.
“Initially it was just two, but they ended up with 23 and they got together and appointed us to market the property,” McEvoy says.
“It’s not very easy coordinating that many people, that’s for sure, but they’re all committed and they were ready to do it before the end of the year.”
The 23 North Strathfield houses are to be packaged up in one “super lot”.
The property has street frontages to Brussels St, George St and to Mena St and is about 550m from North Strathfield train station.
It is expected to fetch around $90 million at the end of an expression of interest campaign that closes on November 23.
Bilskin says a property of this size with development potential is a rarity in Sydney’s Inner West.
It’s not very easy coordinating that many people, that’s for sure, but they’re all committed and they were ready to do it before the end of the year
“What will make it a really compelling offering for developers is the scope of the site,” he says.
“This is one of the first sites of this size that has been offered for sale in the Inner West precinct.
“Its location near transport, schools, retail, entertainment and leisure facilities, such as the thriving Bakehouse Quarter and Sydney Olympic Park, all add to this.”
Brewer adds that the property is likely to attract attention from developers globally.
“We expect to see interest from a broad purchaser pool including domestic, national and international developers for this site,” he says.
