Savills News

Sale of the Century Creates 55 Millionaires Instantly

55 homeowners in Sydney’s Macquarie Park have become instant millionaires in one of the biggest amalgamations in the country.

55 homeowners in Sydney’s Macquarie Park have become instant millionaires in one of the biggest amalgamations in the country, with a private developer paying a record price understood to be in excess of $80 million.

The 5,130sq m site situated at 15-21 Cottonwood Crescent has potential for a new mixed use landmark tower of circa 270 apartments plus ground floor commercial suites (STCA) extending up to 65 metres, circa 21 storeys, providing approximately 23,085sq m of Gross Floor Area. The site was sold in two stages, with the purchaser first securing 15-19 Cottonwood Crescent, and later 21 Cottonwood Crescent, resulting in the strongest sales rate per square metre of proposed GFA achieved to date for a collective sale.

Stuart Cox and Neil Cooke of Savills Australia conducted a five week International Expressions of Interest (EOI) campaign that resulted in over 220 enquiries being received and over 50 requests for the due diligence material, resulting in an impressive 13 Expressions of Interest being received at the close of the EOI.

According to Stuart Cox, Director of Residential Site Sales at Savills Australia, this site was considered one of the most premium sites offered to the market within Macquarie Park given its elevated nature perched high upon the intersection of Waterloo Road and Cottonwood Crescent, its close proximity to Macquarie Centre, Macquarie University Railway Station and Macquarie University.

“Given the strong demand for the site, we undertook a second round EOI that resulted in a record sale price being achieved for the site. Of the 13 EOI’s received, 12 were from offshore large scale Asian developers drawn to the area by the vast array of amenities on offer within this suburb, namely retail, education and excellent transport” he said.

The site benefits from an amazing northerly aspect overlooking Macquarie Centre as well as over Elouera Reserve to the north-western elevation. All future redevelopment in this area will be constructed to the south of the site.

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 collectively sell their properties which provided a lot of certainty for both sides during the sale campaign.

According to Neil Cooke, Director of Residential Site Sales at Savills Australia, 91 per cent of the neighbours agreed to combine their properties in a bid to further evolve the master planned community of Macquarie Park.  

“The new Strata Law reform legislation, particularly in well located areas, gives owners whom join together in a collective sale offering of over 75 per cent, substantial uplift benefit at a time when their existing capital works programs are becoming cost prohibitive.

“Via our Cross Border Investment Team, headed by Ben Azar, we were able to tap into Savills vast network of offices within Singapore, Malaysia and China, of which Savills have 24,000 employees within the Asia Pacific Region alone.

Mr Cooke went on to say that furthermore, via Savills extensive experience in Strata Law Reform combined with our valuation, development, planning and sales experience, we were able to represent the owners and achieve their dream sale price.

Savills were unable to elaborate further on the exact sale price or terms associated with the sale.

Click here to learn more about Savills Residential Site Sales.

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