Residents in North Strathfield are joining the "banding together" trend in the hope of selling their homes in one "super lot" that is estimated to reap as much as $90 million.
This trend of neighbours combining their homes into one large parcel to a developer, while gaining traction, is also sending chills down the spine of the smaller, suburban real estate agent who is being gazumped on individual listings.
The popularity of forming the so-called "super lots" was triggered by a sale last year of a lot of nine St Leonards houses to a private Hong Kong-based investor for $66.06 million – reaping the owners about $7.4 million apiece.
It was sold through JLL's Sam Brewer, head of metropolitan sales and investments, NSW, and Ben Hunter, national director international investments, Australia.
Mr Brewer said the property has potential for a larger residential development, subject to council approval on the current proposed zoning changes for the precinct. The site is currently zoned R2 – Low Density Residential and will be sold conditionally on rezoning.
Mr Brewer and JLL's Michael Binskin, and Dylan McEvoy, are now selling the 23 houses at 1-5 and 9-19 Brussels Street, 126-134 George Street, 2-4 and 8-20 Mena Street. The site covers about 13,760 square metres.
"This is one of the first sites of this size that has been offered for sale in the inner west precinct," Mr Binskin said.
"We expect to see interest from a broad purchaser pool including domestic, national and international developers for this site," Mr Brewer said.
"Significant population growth is expected in Sydney's inner west and this continues to drive demand for higher density housing. Sites close to transport and essential amenities continue to be favoured by developers, and we expect strong interest for this opportunity," Mr McEvoy said.
