41 apartment owners in Sydney’s booming suburb of Macquarie Park have signed a deed of agreement to sell three blocks of 15 x two bedroom apartments.
Following the current rate of success amongst Sydney home owners combining their properties and selling off the land to developers, 41 apartment owners in Sydney’s booming suburb of Macquarie Park have signed a deed of agreement to sell three blocks of 15 x two bedroom apartments, providing 91 percent unit entitlements.
Under the current development controls, a developer can build a substantial new mixed use landmark tower of circa 200 apartments plus 3 commercial suites (STCA) up to 65 metres, circa 21 storeys, with potential for a Gross Floor Area of 17,334sq m.
Located at 15-19 Cottonwood Crescent, the site is situated within 200 metres of all major amenities Macquarie Park has to offer including 100 metres to NSW’s largest suburban shopping centre, The Macquarie Centre, as well as Macquarie University Railway Station and Macquarie University.
According to exclusive selling agents Neil Cooke and Stuart Cox of Savills Residential Site Sales, this distinctive Northern suburbs site encompasses three detached existing residential flat buildings on separate strata titles, each extending over four levels, including ground floor secure garage parking, possessing a total site area of circa approximately 3,852sq m.
Mr Cox went on to say that all of the other sites that have been sold recently within this area have been located further away from all of the major amenities, making this one of the last remaining landmarks and high density residential development sites available within Macquarie Park.
Local residents said the group of neighbours want to combine their properties in a bid to further evolve the master planned community of Macquarie Park.
The lawyer acting for the owners, Mr Ian McKnight of ClarkeKann Lawyers, said that he was able to devise a legally innovative and effective means to enable the owners to combine to collectively sell their properties. He further stated that it would bring clarity and certainty to the sale process.
The site benefits from a 76 metre frontage to Cottonwood Crescent as well as a 76 metre frontage to Elouera Reserve. Through a redevelopment of the site, the majority of upper level apartments will boast uninterrupted panoramic district and Sydney CBD views to the eastern elevation and Blue Mountains to the western elevation.
Mr Cooke said there has been excellent demand for premium residential apartments in the area, as evidenced by the success of recent project campaigns undertaken by Stamford, TOGA, Golden Age and JQZ and the corridor is set to strengthen even further in the future through infrastructure spend.
“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”.
Macquarie Park has plans to grow to the fourth largest CBD in Australia by 2030, by doubling its current working population of 40,000 employees and expanding from 850,000 square metres of commercial space to potentially over 2 million square metres.
“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,” continued Mr Cooke.
15-19 Cottonwood Crescent, Macquarie Park is for sale exclusively through Savills by way of Expressions of Interest with the Expressions of Interest to be submitted by 4pm, Thursday 6th July 2017.
Based on recent site sales in the area it is understood that interest for the site will be in the range of circa $65 million.