41 apartment owners join forces to offer $65m tower trio

Getting a few neighbours to agree on something can be a challenge. 

And yet at an apartment complex in western Sydney boomtown Macquarie Park, 41 owners from the same group of residential buildings are selling their properties together, in the hope of finding a developer willing to pay around $65 million for their prime patch of land.

The 41 apartments provide buyers with 91% of the unit entitlements, and are on land zoned to allow a new residential and commercial precinct with around 200 apartments and three commercial suites, with the towers potentially allowed to soar up to 21 storeys.

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The three blocks, each containing 15 two-bedrooms apartments, lie just 100m from suburban shopping centre The Macquarie Centre and are in close proximity to Macquarie University and its railway station.

The collection of apartments is to be sold via expressions of interest, which close on July 6.

A redevelopment on the site could stretch higher than 20 storeys.

Savills agents Neil Cooke and Stuart Cox are marketing the property, with Cooke saying Macquarie Park is proving to be one of Sydney’s best-performing commercial and residential growth areas.

“Since 2009, when the Chatswood to Epping Railway line opened, the demand for investor and owner occupier grade dwellings has soared, with the average unit growing from $416,000 to $796,000, or an average of 11.8% per annum,” Cooke says.

“Rezoned opportunities like this rarely become available in growth suburbs of this scale and we expect significant interest from local, interstate and offshore developers, looking to make their mark in Sydney.”

The current site includes three detached, four-level buildings on separate strata titles, including ground floor garage parking. The total site are extends over 3850sqm.

Based on recent development site sales in the area, Savills expects the combined properties to sell for around $65 million.