Savvy plan shocks neighbourhood with $32m windfall
The five homes are in a highly desirable location between Bondi and Tamarama beaches.
It started off with two houses to make way for a triplex, but then the neighbours got excited and five homeowners ended up with a surprise windfall totalling $31,750,000.
Ist City Projects partner Yaron Foghel was approached by developer DCN Capital to secure a quality new site to make way for the boutique block of three units with views.
“I knew one of the owners at 3 Andrews Ave and he was open to the idea, so he suggested we have a meeting with his neighbour at No.1,” Foghel said.
Those homes were attractive because they were north-facing; in a small, quiet cul-de-sac; only a few hundred metres to Totti’s Restaurant; and ideally positioned between Bondi and Tamarama beaches.
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It all started with 3 Andrews Ave, Bondi.
… but then the neighbours jumped on board.
It could have been left at that, but suddenly, the proposed apartment development got bigger.
Foghel discovered one of the owners behind at 26 Glen St was interested in selling, and word spread like wildfire: “The people at 5 Andrews Ave said ‘why won’t you buy mine’ and the owner of No.7 lived overseas, so he was happy to sell.”
Three of the homes on the larger blocks sold for between $7m and $7.5m with the other two about $5m.
Foghel reckons the homeowners achieved prices that were about 10 per cent above market value.
The developers ended up with a 1,635sqm site.
Ist City’s managing director, Brad Caldwell-Eyles then got involved, inviting in top architects MHNDUnion and George Karavanas of GSA Planning.
“The scheme being delivered is outstanding,” Caldwell-Eyles says.
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Now a DA for this luxury apartment block is before Waverley Council.
The upper level of the proposed development will have spectacular beach and ocean views.
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A DA, currently awaiting approval from Waverley Council, proposes a four-level block with 11 apartments including an upper level with ocean and beach views.
The plan is for two 180sqm garden apartments with a pool each. And a communal resort-style pool and sauna.
They apartments will be priced from $5,295,000 for a level one apartment through to a potential double-sized penthouse with sweeping views at $25m.
If you’re thinking about cashing in the family home to a developer, check the zoning: it needs to be R3, to allow for apartments.
“Around Bondi, there are now fewer and fewer — most have already been acquired,” says Foghel.
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