Seven home owners in Sydney's inner-west suburb of Burwood are set to make a significant profit when their amalgamated blocks, spanning a combined site area of about 3160 square metres, hit the market later this month.
It is understood the seven homes combined are worth about $17 million but as a development site, the land could fetch about $40 million. This is in line with another neighbouring Burwood site in Esher Street, which sold for more than $3000 a square metre of proposed gross floor area (GFA) that Savills also undertook earlier in the year, benefiting from the same development controls.
The trend of neighbours combining their sites for sale has been triggered by the change in strata legislation. The bonanza earned by some has prompted many others to do the same and developers are willing to pay.
For this site at 10-20 Neich Parade, a developer will also benefit from the Parramatta Road Urban Transformation Strategy.
The selling agents Neil Cooke, Stuart Cox and Johnathon??? Broome of Savills Australia, said the site represented an opportunity to acquire a significant parcel of tightly held level land, benefiting from three street frontages with significant development upside, as well as the Parramatta Road Urban Transformation Strategy released by Urban Growth.
They said any developer contributions under the strategy would go towards upgrading open space for residents, new and upgraded roads, a refreshed Burwood Park and Burwood Library.
There will also be provision for cultural spaces and an additional 281 childcare places, 33 before-school care places, 112 after-school care places and 80 vacation-care places.